The Cabinet has given its approval to an Advisory Engagement Letter between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This partnership aims to support the Ministry in conducting rapid assessments to facilitate the implementation of the National Sustainable Tourism Framework Action Plan, particularly by identifying private investment opportunities within sustainable tourism.
The expected total assistance provided by IFC to the Ministry amounts to USD 395,607. Upon completion of this project, the Ministry will possess all necessary tools to initiate the reforms and policy actions that will foster private investments in the tourism sector.
As a prominent member of the World Bank Group, the IFC is recognized as one of the largest global development institutions dedicated to the private sector in emerging markets.
This collaboration represents a significant step toward enhancing sustainable tourism in the region. By unlocking private investment opportunities, the initiative not only aims to bolster the tourism industry but also to stimulate economic growth and promote environmental sustainability.
Summary: The Cabinet has approved a partnership between the Ministry of Tourism and Civil Aviation and the IFC, which will provide up to USD 395,607 in support of sustainable tourism initiatives. This effort aims to reform and enable private investments in the sector, ultimately boosting economic growth.
Overall, this initiative signals a hopeful direction for the tourism sector, promoting sustainable practices while inviting private investment that can lead to lasting economic benefits.
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