In a word, no. I think it is a great idea but experience tells me that it will not fly. Here is my experience.
I run a medium-traffic web site called NicaLiving.com. Well over 100,000 page views per month and probably 20,000 posts. I created a business directory a few years ago, bi-lingual, with free listings for all. It just never reached critical mass.
My conclusion is that word-of-mouth, not on-line ads, is how information about businesses gets distributed. As much as I personally like the idea, I don't think Latin America is ready for it.