The Cabinet has approved a significant collaboration between the Ministry of Tourism and Civil Aviation and the International Finance Corporation (IFC) through an Advisory Engagement Letter. This partnership aims to conduct rapid assessments that will aid in the execution of the National Sustainable Tourism Framework Action Plan. The focus will be on unlocking private investment avenues within the sustainable tourism sector.
The financial support provided by the IFC will amount to up to USD $395,607, which is intended to empower the Ministry with the necessary tools to implement reforms and policies that will encourage private investments in tourism.
As a member of the World Bank Group, the IFC plays a pivotal role as one of the preeminent global development institutions that prioritize the private sector in emerging markets.
This initiative not only signifies a step towards more sustainable tourism practices but also highlights the potential for economic growth through private sector engagement. By drawing in private investments, the tourism industry can enhance its sustainability efforts while contributing to overall economic development.
In essence, this partnership fosters hope for a more resilient tourism sector that aligns with global sustainability goals, presenting a promising outlook for the future of tourism in the region.
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