Varela signs tourism law

The initiative was approved by the National Assembly in February.

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President Juan Carlos Varela signs a law creating a tourism promotion fund. President Juan Carlos Varela signs a law creating a tourism promotion fund. Expandir Imagen
President Juan Carlos Varela signs a law creating a tourism promotion fund. LA PRENSA/Richard Bonilla

President Juan Carlos Varela Tuesday sanctioned a law that creates a tourist promotion fund.

According to Varela, this will provide the Tourism Authority of Panama (ATP) with a financial structure that will streamline policies and projects to attract more tourists to the isthmus. This will result in a greater source of economic growth, which will improve the quality of life of the population.

The tourism promotion fund will have a budget of $20 million, which will be available in August 2018. This is because Panama is currently running a promotional campaign for $20 million through the US company VML.

The fund will be managed through a trust that will be overseen by the National Bank of Panama and administered by a board of directors, composed of seven directors, among them the administrator of the ATP, the president of the National Tourism Council and five directors.

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