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 facilitate rapid assessments that will aid in the implementation of the National Sustainable Tourism Framework Action Plan, specifically concentrating on unlocking private investment opportunities in sustainable tourism.
The financial support provided by IFC for this initiative will amount to $395,607. As a result of this engagement, the Ministry expects to acquire the necessary tools to implement reforms and policy actions that will attract private investments into the tourism sector.
IFC, which is part of the World Bank Group, plays a crucial role in promoting private sector development in emerging markets and has a global presence in fostering sustainable economic growth.
This partnership signifies a proactive step towards enhancing the tourism industry, presenting an opportunity to attract investment and promote sustainability within the sector. By focusing on private sector engagement, the Ministry is positioning itself to create a robust framework that can pave the way for innovative and environmentally conscious tourism practices.
In summary, the initiative reflects a positive move towards sustainable tourism development and investment, promising benefits not only to the Ministry but also to the broader economic landscape.
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