Our special report comes with the stamp of a Panamanian woman who has shown with effort and hard work that success is a matter of preparation and honesty. A Bachelor in Finance from Universidad Catolica Santa Maria La Antigua, with a Master in Business Administration from Nova Southeastern University, Fort Lauderdale, Florida. Aimee Sentmat de Grimaldo has been chosen by Forbes Central America Magazine as the third most influential woman in the region and received in 2016 the distinction as Outstanding Woman, from APEDE. She is currently Executive President of Banistmo in Panama and talks to The Visitor about the support that the banking sector is providing to the tourism industry and women.
How is the landscape of tourism for you?
“The spending of the tourism sector as a proportion of GDP has gone from 8.5% in 2007 to around 11.5% in 2019, which shows significant growth in the sector.
Between 2007 and 2019, lodging companies have had an average growth of 8% per year, despite the fact that the declared occupations were not good. Tourist transport companies have grown 11% per year, and travel agencies 9% per year.
During 2020 and 2021, the pandemic affected the dynamics of the tourism sector in terms of number of visitors in the country during 2020, a decrease of -76.8% was observed vs. 2019, while for 2021 a growth was observed accumulating 123.3% vs. 2020.
However, with a cut to January 2022, some improvements are already observed in the arrival of visitors to the country. For example, if we compare January 2022 against January 2021, the entry of passengers through the Tocumen international airport grew by 189.5%. Highlighting the growth of tourists from the US (374%), Colombia (159.6%), Europe (207%), Asia (80%)”.
What strategies Banistmo is implementing to support the national tourism sector?
“Historically, Banistmo has actively accompanied the promotion of the tourism sector. In the last five years, we have been able to grant more than $300 million in disbursements for niches such as hotels, restaurants and leasing services, totaling $150 million.
Our vision coincides with what is expressed in the Sustainable Tourism Master Plan 2020-2025, designed by the National Government through the Tourism Authority, that “tourism is a transversal axis of development (…) in all regions of the country and all sectors of the national economy, due to its multiplier effect. The development of tourism has the potential to benefit the “5 Panamas” (modern, neighborhood, middle class, rural, agricultural and regional)”, and, as our purpose is to promote sustainable development for the well-being of all. At Banistmo we know that in order for more opportunities to materialize in this sector in particular, we have to continue strengthening our accompaniment to its productive fabric in its different needs.
Proof of this is the announcement made in September 2021 of Banistmo’s participation in accompanying the efforts of IDB Invest and the Government of the Republic of Panama in the implementation of a guarantee program to support the tourism sector, after the affectation of this by the pandemic.”
How can banking support the empowerment of tourism business women and entrepreneurs in Panama?
“The companies in the sectors with the highest layoffs and suspended personnel are the tourism sector with 49.5%; restaurants 50%; hotels 59.3%; activities that are of important insertion of women, so the impact that the pandemic has left on women is undeniable. (Business survey, impact of the coronavirus in Panama, April 2020).
From the financial sector, and specifically from Banistmo, we contribute to promoting women through investment instruments with a gender approach so that access to credit for them is a process adapted to their needs, knowing that their main focus is well-being of your family and within their main barriers to access are guarantees, thus we have the tools to provide credit with more flexible requirements to support them, as is the case of our exception of one (1) year of operation to access credit.
Our strategy for the support of women entrepreneurs, IMPULSA, contemplates not only financial support but also accompaniment in their constant training and recognition of their work.
Las year (2021) was without a doubt a challenging year, but also one of opportunities. From Banistmo we accompany 8,517 SMEs led by women, disbursing in 2021 more than 210 million for working capital and accompanying them with more than 20 free training spaces, 547 mentoring sessions and if we talk specifically about the Social Gender Bonus, the first bonus of this typical of the region, we managed to disburse 50 million dollars to 311 SMEs led by women, with 40% of these SMEs located in the interior of the country.
We do all of this while being aware that supporting women is a dual-purpose business: it drives the growth of your company and impacts an entire society, since when we support a woman, the entire ecosystem that moves around her is impacted, which involves her family and the social environment.”
A message for all women in Panama…
“Women are the key to the economic reactivation of Panama, and that is why we must continue working to encourage the equal participation of more women in the business fabric, from empowerment from “being”, which makes it necessary to equip ourselves with tools that help us break down the barriers of fear, of I can’t and the limitations that we can put before ourselves due to our own beliefs.
And from “doing” developing those skills that will shape the future of work that include skills such as emotional intelligence, creativity, innovation, analytical skills, communication, social relationships and other skills that are fundamental and transversal to the entire occupational pyramid and types of companies”.
Photos courtesy: Aimee Sentmat de Grimaldo