The Cabinet has approved an Advisory Engagement Letter between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This partnership aims to provide rapid assessments that will help facilitate the implementation of the National Sustainable Tourism Framework Action Plan. The primary goal is to unlock private investment opportunities in the sustainable tourism sector.
The total financial assistance to be provided to the Ministry will reach up to $395,607. By the conclusion of this project, the Ministry is anticipated to have the necessary tools and strategies to initiate reforms and policy actions that will foster private investment in the tourism industry.
The IFC, part of the World Bank Group, is recognized as one of the largest global development institutions dedicated to promoting private sector growth in emerging markets.
This collaboration not only highlights the commitment to enhancing sustainable tourism but also opens avenues for economic growth through increased private investment, positioning the tourism sector for a more prosperous future.
In summary, this engagement represents a significant step towards building a resilient tourism industry that can thrive through sustainable practices and investment partnerships.
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