The government 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 the Ministry with essential support in conducting rapid assessments that will facilitate the implementation of the National Sustainable Tourism Framework Action Plan. A key goal is to unlock private investment opportunities in sustainable tourism.
The assistance from IFC, valued at up to USD $395,607, will equip the Ministry with the necessary tools and strategies to initiate important reforms and policy actions. By doing so, it aims to foster an environment conducive to private investment in the tourism sector.
As a member of the World Bank Group, IFC is recognized as a leading global development institution, particularly focused on fostering private sector growth in emerging markets.
This collaboration presents promising prospects for the tourism industry, which can significantly benefit from increased private investments. By prioritizing sustainability, the initiative could not only enhance tourism but also contribute to environmental conservation efforts and economic development.
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