Puerto Rico´s Travel Industry Gets Megabuck Shot in the Arm

18 February 2005 5:00am

In an effort to advance the local tourist sector, the Puerto Rico Tourism Development Fund (TDF), an entity subsidized by the Government Development Bank (BGF), has already granted $119 million worth of loans and direct financing packages.

Projects bankrolled with this money will add 560 new hotel rooms. This piece of information is contained in the BFG Annual Report due out this month and expected to be dished out among members of corporate Puerto Rico and local authorities.

The TDF plays an active role in the financing of projects aimed at raising the value of Puerto Rican hotel facilities. Last year´s projects helped create 800 fulltime jobs and nearly 1,000 part-time posts all around the island.

During the 2004 fiscal year, the bank doled out $34.3 million in loans to the private sector.