The Cabinet has approved an Advisory Engagement Letter between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC). This partnership aims to facilitate rapid assessments that guide the execution of the National Sustainable Tourism Framework Action Plan, with a primary focus on unlocking private investment in sustainable tourism.
The financial assistance provided by the IFC to the Ministry amounts to a total of USD $395,607. By the end of the project, the Ministry is expected to have the necessary tools to implement reforms and policy actions that will foster private investment opportunities within the tourism sector.
The IFC, part of the World Bank Group, stands as one of the foremost global development institutions dedicated to promoting the private sector in emerging markets.
This initiative represents a significant step forward in enhancing the sustainability of the tourism industry, which can lead to economic growth and environmental protection. It highlights a proactive approach to attracting investment that not only benefits the economy but also prioritizes sustainable practices in tourism development.
Summary: The Cabinet has greenlit an engagement with the IFC to aid the Ministry of Tourism in promoting sustainable tourism investments, with a financial backing of nearly $396,000. This collaboration aims to equip the Ministry with necessary tools to attract private investments, ensuring a balance of economic growth and sustainability.
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