$ 10 Million for Nicaraguan Tourism

The country will improve its tourism offerings in San Juan del Sur and Granada with the IDB loan.

Tuesday, November 9, 2010

The loan will finance the recovery and improvement of tourism resources in both areas, and will provide training and technical assistance to micro, small and medium enterprises to increase the quality of tourism services. It will support measures to build capacity in planning and management of the Nicaraguan Tourism Institute (INTUR), the leading travel agency in the country.

The project will increase spending of foreign tourists to higher daily averages of more than 35 percent in San Juan and more than 25 percent in Granada, allowing local companies to double the number of formal jobs, helping to increase household incomes and reduce poverty in both locations.

In San Juan del Sur, the IDB will support the establishment of a cultural and entertainment center, recovery and improved coastal sidewalks, new bike paths and hiking trails along the scenic coastal route, as well as financing reconstruction of the legendary Ruta del Oro, between San Juan del Sur and La Virgen.

In Granada, one of the oldest colonial cities in Latin America and the Caribbean, the project will finance the restoration of the old town, history and local culture points and adapt the boardwalk and small springs which serve as destinations for excursions to Lake Nicaragua.

The loan will help finance the sustainable management of tourist areas with climate change adaptation and risk management of natural disasters in coastal areas. In particular, it includes investment in urban land management, sustainable management of beaches and promoting the use of renewable energy and energy efficiency in the sector.

In INTUR, the loan will also help fund the redesign and update the system registry, classification, control and inspection of tourism enterprises, strengthening the national system of tourism statistics and updating the regulatory framework for the sector, including environmental standards and tourism incentives for private investment. It will also strengthen the planning and management capacity of sub-national tourism regulators, both in San Juan del Sur and Granada.

Half of the IDB loans will come from the Bank's ordinary capital. This part has a fixed interest rate and a repayment term of 30 years with a grace period of six years and a disbursement period of five years. The other half, which has a repayment and grace period of 40 years, will come from the Fund for Special Operations of the IDB.

More on this topic

Nicaragua Relaunches Granada as a Tourist Destination

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The natural revitalization in preserved areas such as Mombacho Volcano, Granada islets and the archaeological park on Zapatera Island are part of the recovery plan.

From a press release issued by the Nicaraguan Institute of Tourism (Intur):

Through means of more than fifty of activities to be held this year, INTUR will be united with tourism businesses, the Alcaldías del Poder Ciudadano de Granada, as well as other government institutions, as part of the relaunch of Granada as a tourism destination.

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The program’s goal of improving educational quality is designed to complement the “Bono 10Mil” program, which provides conditional cash transfers to low-income families that keep their children in school.

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Nicaragua gets $10 million from the IDB

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The Inter-American Development Bank (IDB) approved a $10 million loan to finance a foreign trade program that will help small and medium-sized enterprises (SMEs) in Nicaragua expand exports and attract foreign investment.

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