CAF and Mexico's Ministry of Tourism (SECTUR) sign innovative agreement

To promote the development of the tourism industry in Mexico and establish cooperation ties, CAF, Development Bank of Latin America and the Caribbean, and the Mexican Ministry of Tourism (SECTUR) signed a memorandum of understanding within the framework of the Tianguis Turístico 2024, the country's most important industry exposition, which is being held in Acapulco, a tourist destination that is being reactivated after the devastating passage of Otis.

Through this agreement we will seek to activate, among others, the following initiatives:

1. Organization of seminars, workshops and conferences with training programs for the strengthening and development of MSMEs.
2. The dissemination of financing programs offered by CAF in the Catalog of Digital Tools and Financing Programs for the Mexican Tourism Sector.
3. Promote tourism investment in Mexico.
4. The exchange of best practices. Concrete cases are the tourist safety programs "Green Angels" and the well-known "Magical Towns".
5. The promotion and attraction of tourism investment.

"The tourism industry in Mexico plays a fundamental role in economic growth, employment generation, the country's first, and cultural promotion. It is a key sector that contributes significantly to the Gross Domestic Product, close to 15% with an international visit of 42' tourists, and has a direct impact on improving the quality of life of local communities," said Oscar Rueda Garcia, CAF's Director of Sustainable Tourism, who signed the Agreement with the Secretary of Tourism, Miguel Torruco and CAF Representative in Mexico, Rene Orellana.

According to the agreement, both parties may formulate specific cooperation projects, which must include the objectives and activities to be developed, a work schedule, and the designation of material, human and financial resources to carry them out, endorsing their joint commitment to strengthen tourism infrastructure, promote investment in innovative projects and diversify destinations, all with the objective of consolidating Mexico as one of the world's leading tourist destinations.To ensure the smooth development of these cooperation activities, CAF and SECTUR will organize joint working groups to identify issues of common interest, approve specific cooperation projects, establish information exchange mechanisms, make decisions, generate reports on each project, and finally evaluate their performance. The development bank's support provides specialized knowledge and collaboration networks that will be essential to maximize the potential of Mexico's tourism sector and promote inclusive and sustainable growth in the long term.

It is worth noting that CAF expressed its solidarity with the emergency in Acapulco by making an immediate donation of US$250,000 in humanitarian aid .