World Bank supports tourism and hospitality sector with $9 million
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World Bank supports tourism and hospitality sector with $9 million

- Ghana is set to receive $9 million from the World Bank to boost its tourism and hospitality industry

- The facility would be chanelled through the Tourism Development Project which was initiated by the World Bank

- The fund is to help mitigate the economic impact of the coronavirus

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YEN.com.gh has learned that the World Bank has released a $9 million facility for Ghana’s tourism and hospitality industry.

This forms part of measures being implemented to mitigate the economic impact of the coronavirus.

The package forms part of the Tourism Development Project initiated by the World Bank.

READ ALSO: COVID-19: Top Kempinski official opens up on $5 million loss

YEN.com.gh understands that it would be disbursed in two forms; four million dollars to support tourism sites and destinations development, and five million dollars for tourism enterprise support for SMEs within the tourism value chain.

Per a report by citibusinessnews.com, the Minister of Tourism, Culture and Creative Arts, Barbara Oteng-Gyasi, said the government will soon come out with all the modalities for accessing the facility.

She added that “…then there is the three billion facility which the Ministry of Finance is also putting in place through selected banks so that our larger operatives, that is our four-star, five-star operators can also access to support their operations.”

YEN.com.gh earlier reported that Ghana’s tourism and hospitality industry are likely to lose $171 million in four months.

According to the Tourism Ministry, this is the direct result of the outbreak of the coronavirus in Ghana.

Taking her turn at the press briefing organized by the Ministry of Information on Thursday, June 4, 2020, the Minister of Tourism, Culture and Creative Arts, Barbara Oteng-Gyasi indicated that the prediction is based on an assessment carried out between March and June 2020.

READ ALSO: COVID-19: 9000 hotel and guest house workers rendered jobless

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