South Africa opens $79.4 million fund to revive tourism industry

Published on : Wednesday, January 27, 2021

The South African government has started a 1.2 billion rand ($79.4 million) fund aimed at reviving the ailing tourism industry. On Tuesday, Tourism Minister Mmamoloko Kubayi-Ngubane said that the Tourism Equity Fund will be used in particular to help black entrepreneurs start businesses and projects in the sector.

She mentioned that the cash will come from government, lenders and the Pretoria-based Small Enterprise Finance Agency. Tourism-dependent businesses have been particularly hard hit during the COVID-19 pandemic as border closures and travel restrictions prevented the usual flow of holidaymakers from Europe and elsewhere.


The identification of a new coronavirus variant in South Africa late last year only exacerbated the situation, putting the country on many nations’ lists of places to avoid. Under normal circumstances, tourism accounts for 2.9% of South Africa’s economy and about 1.5 million jobs, President Cyril Ramaphosa said at the launch.


He mentioned that the sector is labor-intensive, and therefore has immense job creation potential. He also shared that it generates foreign-direct investment and significant export earnings. It stimulates and supports the development of small businesses. The focus on black businesses is part of the government’s efforts to improve economic opportunities to those discriminated against during apartheid.


(No Like Yet)

Related Posts

Tags: ,

Comments are closed.

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  rss_logo 
ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 03 ITB Asia 2021
  • 08 iitm 2021
  • 12 ttfotm 2021
  • 13 aaaexpos 21
  • 14 KITF 2021
  • 15 MENA 2021
  • 16 atwconnect 21
  • 16 ITB asia 2020
  • 18 globalwellnesssummit  21
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. INTERNATIONAL HOSPITALITY INVESTMENT FORUM (IHIF)

      March 8 - March 10
    2. ITB Berlin

      March 10 - March 14
    3. SALON DESTINATIONS NATURE 2020

      March 18 - March 21
    4. Arabian Travel Market

      May 16 - May 19
    5. IMEX FRANKFURT

      May 25 - May 27
Get our toolbar!
Review www.travelandtourworld.com on alexa.com