Maravi

K3bn north tourism fund to boost economy - Kaingu

K3bn north tourism fund to boost economy - Kaingu
By Fridah Zinyama
Thursday October 25, 2007 [04:00]

The allocation of K3 billion to the northern circuit for tourism development will boost further growth of the economy, tourism minister Michael Kaingu has said. And Kaingu has called on financial institutions in the country to lend flexibly to people who want to invest in the tourism sector.

Kaingu said the K3 billion injected into the northern circuit out of the K3.5 billion allocated to the Tourism Development Credit Facility (TDCF) would give impetus to the growth of the tourism sector in the region through infrastructure development and other projects that will help to add value.

He said the northern circuit has been recognized as a tourism gem because of its richness in flora and fauna.

Kaingu also disclosed that Nsumbu National Park would be restocked with various animal species.

He said government through the Kasaba Bay Tourism Development Project was promoting holistic public-private sector partnerships to accelerate tourism development in the northern region.

And in an appeal to financial institutions, Kaingu said it was important to introduce flexible lending terms such as longer re-payment periods so that more people could borrow to invest in various sectors of the tourism industry.

He said the rate of failure in tourism and hospitality sectors was minimal compared to other sectors of the economy.

Kaingu said it was important that banks and other financial institutions supported tourism investment because of the proven economic benefits the industry was bringing to the country.

He also encouraged Zambians to ensure that they paid back loans in order to cultivate trust for further borrowing.

Labels: FUNDING, TDCF, TOURISM

posted by MrK @ 3:43 AM