A revolving fund of approximately 2.8 million euros will be at the beck and call of African, Caribbean and Pacific nations for the implementation of tourism development projects within the framework of PROINVEST, an initiative wielded by the European Union through the European Investment Bank. Members of the European Commission gave details about the new plan during the Meeting of Tourism Investment Associations and Opportunities that took place at the Ritz Carlton Hotel in Montego Bay, Jamaica. An initial grant of 110 million euros was already allotted for this EU-sponsored program that has prompted partners from elsewhere to jump on the bandwagon.

The cash surplus of Mexico’s travel industry scored a big increase in the first eight months of the ongoing year, up a whopping 20.8 percent from the same span of time in 2003. During that period, the country reaped over $2.8 billion worth of revenues, thanks in part to a 13.3 percent climb in tourist benefits that totaled more than $7.3 billion.

During a recent visit to the Balearic Islands, Nicaragua’s Tourism Minister Lucia Salazar announced her country is implementing very attractive tax breaks for foreign investors in virtue of the National Act on Tourism Incentives that since it was signed into law in 1999 has generated $200 million worth of profits for the local travel sector. Mrs. Salazar hopes this new tax policy, coupled with the juridical security that Nicaragua delivers, will eventually build a fire under Balearic businesspeople to pour heavy cash into the country. The Central American nation is blessed with some 430 miles of beaches and welcomes over half a million tourists each year. During the first half of 2004, Nicaragua has received 17 percent more trippers than in the first six months of 2003.

Foreign investment money could start slipping away from Costa Rica in coming months as a result of corruption cases that have unfolded recently, the local League of Private Enterprise Chambers and Associations (UCCAEP is the Spanish acronym) warned this week. One of the sectors that could take a direct hit from rampant corruption in the country is tourism. As we speak, Costa Rican hotels are badly needing a figure in the neighborhood of $2 to $2.5 billion to get a new lease on life.

In a working document handed in to the International Civil Aviation Organization (ICAO), Cuba has lashed out at the 44-year-old U.S. trade embargo for causing millions of dollars in losses to the island nation´s aviation industry in terms of costs and squandered opportunities. According to Havana, "the U.S. monopoly on the making of commercial aircraft and their spare parts, components and technology, including factories in Europe, forces Cuban airlines to pay huge lump sums of money to buy their jetliners in more expensive markets."

Sol Meliá’s Cuba Division announced its intention to shell out $12 million in an effort to refurbish and improve the hotels the Spain-based company runs on Cuban soil. The announcement was made by the hotel chain’s Marketing & Sales Manager, Gabriel Garcia, who also explained that the investment will allow the company to keep its 21 hotels and resorts on the island nation up and running. In all, Sol Meliá manages as many as 8,479 rooms and 16,878 beds.