Mexico to give interest subsidies, but no loans, to Acapulco hotels destroyed by Hurricane Otis

MEXICO CITY (AP) — The Mexican government says it will pay half of interest rates on bank loans to rebuild the 377 hotels destroyed or heavily damaged by Hurricane Otis. But President Andrés Manuel López Obrador will not provide government loans to the hotels, the backbone of the local economy. López Obrador announced Wednesday a package of $3.4 billion in aid for the resort. Much of that will be spent on payments of $2,000 per damaged home, and free electricity for residents for several months.