Published on : Friday, October 27, 2017
To assist Barbados in fortifying its global tourism presence, the Inter-American Development Bank or IDB recently announced that the organization has approved a US$20 million loan to the island country.
On Wednesday, the Washington-based financial institution explained that the loan will actually help Barbados in growing the appeal of its destinations, with a key aim to encourage visitors to increase spending on its unique heritage and cultural attractions, improving Barbados’s digital visibility in the global platform, and thereby strengthening international aviation connections of the country.
Tourism has been identified as the main driver by IDB officials fortifying the economy of Barbados. The tourism sector has repeatedly gone through cyclical peaks and valleys in terms of its total number of visitors and receipts.
Back in 2015, the IDB explained that tourism contributed over 12 percent of Barbados’ GDP, about 37 percent of total employment, and 60.4 percent of total exports.
The IDB explained that the loan will fund the execution of three components associated with tourism development and governance in Barbados.
The first component will invest in the development of new venues in terms of tourism with special highlight on “uniquely Barbadian cultural and heritage assets,” the IDB said.
“It is anticipated that this project will help the Government of Barbados by increasing the resilience of the country’s tourism sector, enhancing the appeal of the Barbados tourism brand, and connecting Barbados with various new markets,” the IDB said.