The Cabinet has approved the Advisory Engagement Letter between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This collaboration aims to support the Ministry in conducting rapid assessments that will guide the implementation of the National Sustainable Tourism Framework Action Plan. A key focus of the initiative is to identify and unlock private investment opportunities in the sustainable tourism sector.
The total assistance provided by the IFC to the Ministry will amount to USD $395,607. This funding is anticipated to equip the Ministry with the necessary tools to initiate reforms and policy actions that promote private investment in the tourism industry.
The IFC, which is part of the World Bank Group, plays a crucial role in developing private sector opportunities in emerging markets, reinforcing their commitment to sustainable economic growth.
Overall, this partnership represents a significant step toward enhancing sustainable tourism practices and fostering private sector engagement, ultimately contributing to the economic resilience and sustainable development of the region. By leveraging private investment, the tourism sector can achieve long-term viability while benefiting local communities and preserving environmental resources.
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