The Cabinet has approved an Advisory Engagement Letter to be established between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This collaboration will see the IFC aid the Ministry in conducting rapid assessments that are vital for the effective implementation of the National Sustainable Tourism Framework Action Plan, particularly aimed at unlocking private investment in sustainable tourism initiatives.
The total value of the assistance provided by the IFC is expected to amount to USD $395,607. By the conclusion of this project, the Ministry will be equipped with the necessary tools to initiate reforms and policy measures that can foster private investment opportunities within the tourism sector.
As a key member of the World Bank Group, the IFC continues to play a significant role in supporting the private sector in emerging markets, which is crucial for economic development. This partnership marks a positive step towards enhancing the sustainability of the tourism industry.
In summary, this initiative not only reflects the government’s commitment to sustainable tourism but also opens new avenues for investment, helping to propel the sector into a more sustainable future. The engagement with the IFC is likely to yield beneficial outcomes for both the Ministry and the private sector.
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