The Cabinet has approved an Advisory Engagement Letter between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This collaboration aims to facilitate rapid assessments that will aid in the effective implementation of the National Sustainable Tourism Framework Action Plan, specifically targeting the enhancement of private investment opportunities in sustainable tourism.
The Ministry is set to receive assistance valued at up to USD $395,607. By the conclusion of this initiative, the Ministry is expected to be equipped with the necessary tools to begin implementing reforms and policy actions that will attract private investments in the tourism sector.
The IFC, as a member of the World Bank Group, is recognized as one of the foremost global development institutions dedicated to supporting the private sector in emerging markets.
This partnership represents a significant step towards fostering sustainable tourism, which is vital for economic growth and environmental conservation. With the support of the IFC, there is hope that the tourism industry will not only thrive but also contribute positively to the local economy and the environment.
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