World Cup Forces Increase In Bank Loans To Tourism Industry In Brazil
Bank financing to companies "in the tourism sector" increased 38.6% from January to May, in comparison to the same period in '11, according to COPA2014.gov.br. Loans to hotels, restaurants, bars, transportation companies and others increased from R$2.8B ($1.4B) to R$3.9B ($1.9B). The Caixa Economica Federal, with R$2.2B ($1.1B), "was responsible" for 55.5% of the loans. Banco do Brasil, with R$1B ($489M), "corresponding to" 26.8% was next. The Banco Nacional de Desenvolvimiento loaned R$486.5M ($237.6M) or 12.5% of the total. The rest came from the Banco da Amazonia and the Banco do Nordeste. Since the Ministry of Tourism was created in '03, bank financing for the sector has totaled R$37.7B ($18.5B) (COPA2014.gov.br, 7/25).
WC VISITORS: SUPERESPORTES.com.br reported Brazilian Sports Minister Aldo Rebelo said that the int'l economic crisis "should not provoke a reduction in the number of visitors to Brazil during the 2014 World Cup." The government expects between 500,000 and 600,000 foreign tourists for the event. Rebelo said of the estimation: "There could be more. Less, I don't think so" (SUPERESPORTES.com.br, 7/24).