TINASHE MAKICHI/NYASHA KUNYISWA
Cabinet has approved the setting up of a Tourism Revolving Fund as part of efforts to support the sector’s recovery from the adverse effects of Covid-19,Business Timescan report The development comes at a time when banks have not been willing to fund the sector Government is optimistic the players in the tourism sector will withstand a myriad of headwinds Under the facility, government will provide seed capital
“It is therefore imperative that the government also moves in to help mitigate the funding risks that you (tourism sector) face by establishing the Tourism Revolving Fund “This proposal as you know, has been on the cards for many years but am glad to advise you that Cabinet has since approved the setting up of this facility,” Environment, Climate Change, Tourism and Hospitality Industry minister Nqobizitha Mangaliso Ndlovu said He said his ministry and the Ministry of Transport and Infrastructure Development, were also working on the refurbishment of some of our airports and airstrips This would help increase domestic access to some of our resort areas
“I implore the private sector to complement this through provision of small aircraft among other services.”
On accommodation facilities development, Ndhlovu said numerous facilities are currently under development and a number of refurbishments of facilities are taking place during this difficult era Official data obtained from the Zimbabwe Tourism Authority shows that over US$100m has been invested in new tourism facilities with key milestone investments including the Palm River Hotel, whose construction commenced during the Covid-19 era set to be completed He said the government remains a willing and strong partner in this journey and will continue to advocate strongly for sector specific incentives and support mechanisms to support investments by the private sector Meanwhile, tourist arrivals plummeted 72% in the first half of this year largely due to the Covid-19 pandemic, which adversely impacted the sector quite hard
Governments across the globe, including Zimbabwe, imposed unprecedented lockdown measures and travel restrictions Source: Business Times
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Source: Businesstimes
