$50m loan for ground operators

The Ministry of Tourism is offering $50 million in loans to ground transport operators in the industry.



This will form part of the stimulus package which the government had announced to help players in the sector who are hard hit by the global financial crisis.



The Ministry had already announced that under the package $500 million was set aside for loan to operators of large properties at an interest rate of 10 percent over three years.



$50 million had also been earmarked for operators of small and medium sized attractions.



Tourism Minister Ed Bartlett has also added ground transport operators to the package.



Each operator will be able to borrow up to $1 million from the Tourism Enhancement Fund to replace old vehicles or refinance debt.



Addressing a media briefing today, Mr. Bartlett noted that the financial assistance to players in the tourism sector was part of efforts by the government to help them survive the challenges caused by the global economic meltdown.



However Mr. Bartlett noted that despite the measures there was no guarantee that some workers in the industry would not lose their jobs.