Mexican tourist companies get fresh cash

Financial group Banorte will grant a $93 million credit line all through 2003 to back up small and medium enterprises linked to Mexico’s tourist industry, said Othon Ruiz, the group’s president.

Mr. Ruiz explained Banorte’s confidence in the development of tourism-oriented companies in the country was key in its decision to funnel that lump sum into a sector that stands for one of the nation’s major economic boosters.

According to the banking official, tourism is by and large one of the fastest-growing economic fields in both the mid and long run.

Mexico’s minister of tourism Leticia Navarro weighed in with similar remarks as she declared that her department is intended to launch out a backup credit line for this corporate sector in twelve tourist circuits across the country.