IFC grants $100 million for tourism upliftment

Published on : Thursday, April 6, 2017

Nepal tourismInternational Finance Corporation or IFC on Apr 6th 2017 has expressed their willingness on to invest up to $100 million for the improvement of Nepal tourism and churn out job vacancies by bringing the private sector and the government under one roof.

 

Tourism Ministry officials defined it as one of the largest solid investment offer made by any international financing institution in the tourism world. This venture however is part of National Tourism Strategy 2016-25 which was introduced by the government in 2016.

 
Nevertheless, the plan envisions a fivefold increase overseas tourist arrival to 2.52 million per annum by 2025. An increase in job opportunities in the tourism sector is expected to grow to 898,000 which were 633,000 in the year 2015. In 2015, foreign exchange earning in tourism sector was Rs49.78 billion. With the introduction of the strategy, it’s being presumed to increase to Rs. 340 billion annually.

 
IFC has researched on three locations namely Arun Valley to Koshi Tappu in the Eastern Region, greater Pokhara in the Western Region and Rarato Bardia in the Midwestern Region as possible areas for investment. To quote Dandu Raj Ghimire, Tourism Joint Secretary, ‘We have forwarded IFC’s investment concept paper to the Finance Ministry for its feedback.

 

IFC has also been holding talks with the Finance Ministry separately. As per the investment concept, IFC will study areas where hotels, resorts or other kinds of facilities can be developed. The government’s responsibility is policy intervention and facilitating the development of larger infrastructure like roads and electricity.’

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