The Inter-American Development Bank (IDB) is providing a US$30 million loan to boost the tourism production chain in the Dominican capital and generate income for residents. <\/p>\n
The new program emphasizes promoting tourism based on the city’s cultural and historical heritage and social inclusion. It provides funding for restoration of the Colonial City, which is a UNESCO World Heritage Site, promotion of the tourism production chain, and support for tourism activities provided by local people, whose culture and lifestyle are one of the area’s attractions. The objective is for residents of the Colonial City to take the role of tourism development protagonists and receive the principal economic benefits.<\/p>\n
The program consists of three components:<\/p>\n
– Develop tourism in the Colonial City by financing works, goods, and services to improve public spaces as a venue for tours and tourist circuits. Improving and modernizing major attractions will increase the length of stay and spending by visitors.<\/p>\n
– Integration of tourism development into the Colonial City’s local economy by training residents and providing access to pre-investment and investment resources for micro and small businesses to enable them to provide quality services, increase benefits, and optimize the tourism productive chain particularly for low-income people.<\/p>\n
– Strengthen the Ministry of Tourism’s capacity for effective planning and sustainable management of the program, and to improve information and services to visitors and the sector.<\/p>\n
The loan was extended for a term of 25 years with a grace period of five years and a variable interest rate based on LIBOR. There will be an additional contribution of US$1.15 million in local counterpart funds.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Inter-American Development Bank (IDB) is providing a US$30 million loan to boost the tourism production chain in the Dominican capital and generate income for residents. The new program emphasizes promoting tourism based on the city’s cultural and historical heritage and social inclusion. It provides funding for restoration of the Colonial City, which is a … <\/p>\n