The Cabinet has officially approved an Advisory Engagement Letter between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This collaboration will enable the IFC to support the Ministry by conducting rapid assessments aimed at guiding the implementation of the National Sustainable Tourism Framework Action Plan. This effort will specifically focus on creating opportunities for private investments in sustainable tourism.
The total financial assistance provided to the Ministry through this partnership is expected to reach up to USD 395,607. Upon the completion of this initiative, the Ministry is anticipated to possess the necessary tools to begin enacting reforms and policies that will attract private investment in the tourism sector.
As a member of the World Bank Group, the IFC stands out as one of the foremost global development institutions dedicated to fostering private sector growth in emerging markets.
In summary, this engagement marks a significant step forward for sustainable tourism development, offering the potential for increased private investment in this vital industry. With international support, the Ministry is poised to drive necessary changes that could enhance the tourism sector’s economic impact while promoting sustainability.
This initiative is a hopeful sign of future growth and innovation in the tourism industry, underscoring the importance of collaboration between government and international organizations.
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