Saint Lu­cia among is­lands set to ben­e­fit from World Bank Tourism Com­pet­i­tive­ness Project

The Star (St. Lucia) - - COMMENT -

Saint Lu­cia, Gre­nada and Saint Vin­cent and the Gre­nadines are ex­pected to ben­e­fit from bet­ter con­nec­tiv­ity, bet­ter in­fra­struc­ture, and im­proved tourism mar­ket devel­op­ment as a re­sult of a US$26 mil­lion re­gional project ap­proved by the Board of Di­rec­tors of the World Bank.

Prime Min­is­ter Hon­ourable Allen Chas­tanet signed the agree­ment for the new World Bank Tourism Com­pet­i­tive­ness Project on April 20th 2017 in Wash­ing­ton.

Tourism is the lead eco­nomic sec­tor in the Or­ga­ni­za­tion of the East­ern Caribbean States (OECS), how­ever, the re­gion ac­counts for less than 0.2 per­cent of world tourism arrivals and re­ceives less rev­enues than the rest of the Caribbean.

In a press re­lease pre­vi­ously cir­cu­lated by the World Bank, Tah­seen Sayed, World Bank Coun­try Di­rec­tor for the Caribbean said: “There is a tremen­dous po­ten­tial to de­velop re­gional tourism in the East­ern Caribbean and the col­lab­o­ra­tion among the gov­ern­ments of Gre­nada, Saint Lu­cia and Saint Vin­cent and the Gre­nadines is highly promis­ing. This is an op­por­tu­nity to de­velop the tourism in­dus­try, gen­er­ate new jobs par­tic­u­larly for women and young peo­ple, and at­tract private sec­tor in­vest­ments.”

The project aims at fa­cil­i­tat­ing ac­cess and move­ment of trav­ellers through a pi­lot ferry ser­vice, re­ha­bil­i­tat­ing se­lect tourism sites and help­ing po­si­tion these coun­tries as one multi-is­land travel des­ti­na­tion.

Ac­cord­ing to the World Bank Re­lease, among con­crete results to be achieved by the OECS tourism com­pet­i­tive­ness project are: · Im­proved move­ment of peo­ple by pi­lot­ing a ferry sys­tem; · Re­ha­bil­i­ta­tion of Fort Ge­orge in Gre­nada and Fort Char­lotte in Saint Vin­cent and the Gre­nadines; and the rede­vel­op­ment of down­town Cas­tries in Saint Lu­cia; and · Launch of a tourism mar­ket devel­op­ment and pro­mo­tion in the three coun­tries.

This project is fi­nanced by a US$20 mil­lion credit from the In­ter­na­tional Devel­op­ment As­so­ci­a­tion (IDA) with a fi­nal ma­tu­rity of 40 years and a 10 year grace pe­riod, and six mil­lion loan from the In­ter­na­tional Bank for Re­con­struc­tion and Devel­op­ment (IBRD) with a fi­nal ma­tu­rity of 30 years and a 9.5 year grace pe­riod.

Saint Lu­cia’s Prime Min­is­ter Hon­ourable Allen Chas­tanet (left) with World Bank Coun­try Di­rec­tor for the Caribbean Tah­seen Sayed (right).

Newspapers in English

Newspapers from Saint Lucia

© PressReader. All rights reserved.