Mar 10, 2006
MIF supports tourism development in Mexico’s Tequila region
IDB fund makes grant to project to boost competitiveness of micro, small and medium-size enterprises in the state of Jalisco
The Inter-American Development Bank’s Multilateral Investment Fund (MIF) will support with a $1,572,370 grant a sustainable tourism project in the Tequila region of the state of Jalisco, Mexico.
The project will develop the Tequila Trail, a circuit that will highlight the natural and cultural attractions of this region known not only for the world-famous Mexican liquor but also for its traditional horsemen, the charros, as well as for its mariachi music.
Like other regions closely identified with their typical products, the Tequila Trail has potential to attract local and foreign visitors. The region is linked by highways to Guadalajara, Mexico’s top convention city, and to Puerto Vallarta, one of the country’s most popular seaside resorts.
The Tequila Regulatory Council (CRT), a nonprofit institution charged with guarding the liquor’s appellation of origin and ensuring its quality, will be the executing agency, with support from the Jose Cuervo Foundation and other distillers in the region.
The project, which will be carried out in the municipalities of Santa Cruz/Magdalena, Amatitan, Arenal and Tequila, will promote public-private partnerships as well as corporate social responsibility through cooperation between large and small firms.
Technical assistance, training and financing will be offered to micro, small and medium-size enterprises (MSMEs) in the region, such as hostels, restaurants and local transportation, to boost their competitiveness and link them in a network of tourism services providers.
Potential tourism attractions will be identified and developed along the Tequila Trail. A quality certification system will be set for products and services offered by participating MSMEs. The trail will be promoted among tour operators, travel agencies and specialized media. A Tequila Trail Tourism Board will be established to foster cooperation among stakeholders.
Local counterpart resources for the project will total $1,562,400. The Tequila Regulatory Council also plans to create a $1 million microcredit fund and a $2.5 million investment fund to assist MSMEs.
Microcredit will be available to finance working capital or the purchase of equipment for qualifying businesses. The investment fund will provide risk capital for new ventures or infrastructure to develop tourist attractions in the region.
The Tequila Trail project is part of the MIF’s sustainable tourism cluster. The MIF, an autonomous fund administered by the IDB, supports private sector development in Latin America and the Caribbean, with an emphasis on micro, small and medium-size enterprises.