🚨BREAKING: Mexico announces $3.4 billion plan to rebuild Acapulco after Hurricane Otis, Mexico to give interest subsidies, but no loans, to Acapulco hotels destroyed by Hurricane Otis
The plan includes tax breaks and financial assistance for affected families, and President López Obrador said the government would spend more if necessary.
Mexico’s government on Wednesday unveiled a $3.4 billion recovery plan for the battered coastal resort of Acapulco, including tax breaks and financial assistance for affected families, and said it could spend more if necessary.
Last week, Hurricane Otis slammed into Acapulco, devastating local infrastructure, severing communications and temporarily leaving the city of 900,000 people incommunicado.
The overall investment needed for the recovery plan was estimated at about 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference.
The Mexican government said Wednesday it will assume half of the interest rates on bank loans to help rebuild the 377 hotels destroyed or heavily damaged after Hurricane Otis slammed into the resort city last week.
But President Andrés Manuel López Obrador will not provide government loans to the hotels, the backbone of the local economy.
The hotels currently have no cash flow — and face months of work to repair windows and walls blown out by the Category 5 hurricane — so it is unclear how many private banks would be willing to lend them money.
🔗SOURCE ➡️ NBC, AP
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The plan includes tax breaks and financial assistance for affected families, and President López Obrador said the government would spend more if necessary.
Mexico’s government on Wednesday unveiled a $3.4 billion recovery plan for the battered coastal resort of Acapulco, including tax breaks and financial assistance for affected families, and said it could spend more if necessary.
Last week, Hurricane Otis slammed into Acapulco, devastating local infrastructure, severing communications and temporarily leaving the city of 900,000 people incommunicado.
The overall investment needed for the recovery plan was estimated at about 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference.
The Mexican government said Wednesday it will assume half of the interest rates on bank loans to help rebuild the 377 hotels destroyed or heavily damaged after Hurricane Otis slammed into the resort city last week.
But President Andrés Manuel López Obrador will not provide government loans to the hotels, the backbone of the local economy.
The hotels currently have no cash flow — and face months of work to repair windows and walls blown out by the Category 5 hurricane — so it is unclear how many private banks would be willing to lend them money.
🔗SOURCE ➡️ NBC, AP
Follow us on Twitter
Follow — @PsyopDaily