The Cabinet has approved an Advisory Engagement Letter that formalizes a collaboration between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This partnership is aimed at conducting quick assessments that will guide the execution of the National Sustainable Tourism Framework Action Plan, specifically targeting the promotion of private investment in sustainable tourism ventures.
The total funding allocated for this initiative amounts to USD $395,607. Through this project, the Ministry is expected to gain essential tools and knowledge to initiate reforms and policy measures that will pave the way for private investments in the tourism sector.
The IFC, part of the World Bank Group, stands as one of the principal global development institutions, dedicated to advancing the private sector in emerging markets, highlighting the importance of this collaboration for the country’s tourism industry.
This engagement not only signifies a step toward developing sustainable tourism but also underscores a commitment to fostering economic opportunities through private sector involvement. A successful implementation could lead to enhanced growth in the tourism sector and improved economic stability, showcasing a positive outlook for the future of sustainable tourism in the region.
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