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 conduct rapid assessments that will guide the implementation of the National Sustainable Tourism Framework Action Plan, particularly in promoting private investment in sustainable tourism practices.
The financial support from the IFC to the Ministry is substantial, amounting to up to USD $395,607. Upon completion of this initiative, the Ministry is expected to be equipped with the necessary tools to initiate reforms and policy measures that will facilitate private investment opportunities within the tourism sector.
As a member of the World Bank Group, the IFC plays a pivotal role as one of the largest global development institutions focused on bolstering private sector growth in emerging markets. This partnership holds significant promise for the sustainable development of the tourism industry, enhancing not only economic prospects but also the potential for responsible environmental practices.
Overall, this collaboration signifies a positive step towards integrating sustainable practices in tourism, aligning private investment with environmental stewardship and economic growth. It reflects a commitment to fostering a resilient tourism sector that not only brings in revenue but also preserves the ecological integrity of the areas involved.
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