Tourism Concessions Could Serve as Collateral

April 23, 2004

MEMBERS of the Social Christian Unity Party announced this week that state banks may be able to hand out loans to those granted tourism concessions inside the Papagayo Tourism Development Project zone, in the northwestern province of Guanacaste, allowing them to use the concession as collateral for the loan.

Whether the practice will be allowed depends on whether a bill modifying Article 4 of the regulatory law governing the tourism development project is approved by the Legislative Assembly.

The announcement came after the approval of the bill by the assembly’s Special Tourism Commission, headed by Social Christian Unity Party legislator Jorge Álvarez. The bill will now head to the floor of the Legislative Assembly for discussion.

Álvarez said the advance represents a significant step toward clearing the obstacles in the development of the tourism industry in the country.

“With this initiative we seek to cover a legal vacuum inside this law, with respect to the setting up of guaranteed loans for the development of tourist projects,” Álvarez said.

 

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