KSA pledges US$ 100m for tourism
the Saudi Ministry of Tourism, the World Bank, and the World Tourism Organization (UNWTO) signed a MoU outlining their commitment to collaborate on the activation of the Tourism Community Initiative. This collaboration is aimed at building an inclusive and resilient tourism ecosystem that leads to job creation, the development of the private sector, and economic growth through a range of demanddriven investments in line with the country’s needs, development strategies, and global sustainable development objectives. The signing of the MoU took place in Riyadh during the official opening of the first UNWTO regional office outside of the Madrid HQ.
The collaboration aims to include a global Multi-Donor Trust Fund (MDTF) to be established by the World Bank, proposed to support the growth of tourism as a key driver of economic development. It would be the first global World Bank fund devoted exclusively to the tourism sector. The fund is intended to benefit developing countries around the world by building an inclusive, resilient tourism ecosystem and support people who depend on the sector for their livelihoods. The fund aims to raise a total of USD 500 million in its fiveyear first phase. Saudi Arabia has committed the first USD 100 million and joined the World Bank in inviting other countries to contribute to the global fund.
His Excellency Ahmed Al Khateeb, Saudi Minister for Tourism said, “At last year’s G20 meeting we pressed for a global commitment to support communities with high tourism potential in taking advantage of the opportunities that sustainable and inclusive tourism can offer.” “Tourism has vast potential and can be instrumental in addressing many of the challenges faced by host communities, especially when those communities are small and remote.” “Our collaboration with the World Bank and UNWTO and the envisioned global fund mark the first steps on a robust roadmap for recovery that will provide opportunities for empowerment, education and entrepreneurship to people from all walks of life and ensure that tourism remains a sector of hope.”
Our collaboration with the World Bank and UNWTO and the envisioned global fund mark the first steps on a robust roadmap for recovery that will provide opportunities for empowerment, education and entrepreneurship