News / National
Govt secures $10 million tourism revolving fund,
21 Oct 2013 at 15:47hrs | Views
The government has secured a $10 million tourism revolving fund, which is expected to help in the recapitalisation and refurbishment in the sector.
The Tourism and Hospitality Industry, Walter Mzembi confirmed that his ministry has secured the money which is going to be used as seed capital for the tourism revolving fund.
He said the unappealing tourism product that the country is faced with in some areas as well as the lack of new projects in the sector in the last 10 years clearly shows that the sector needs to be re-capitalised.
Minister Mzembi said the amount will be availed in the form of loans.
The shortage of capital has forced stakeholders in the tourism sector to shelve some of the key investment projects and the introduction of the revolving fund will be critical in the revival, growth and completion of such projects.
Meanwhile, Mzembi has received an Outstanding Leadership Award as president of the African Travel Association (ATA) for the past two years.
Zimbabwe's ATA presidential tenure ended last week, paving way for Cameroon to take over.
The Tourism and Hospitality Industry, Walter Mzembi confirmed that his ministry has secured the money which is going to be used as seed capital for the tourism revolving fund.
He said the unappealing tourism product that the country is faced with in some areas as well as the lack of new projects in the sector in the last 10 years clearly shows that the sector needs to be re-capitalised.
The shortage of capital has forced stakeholders in the tourism sector to shelve some of the key investment projects and the introduction of the revolving fund will be critical in the revival, growth and completion of such projects.
Meanwhile, Mzembi has received an Outstanding Leadership Award as president of the African Travel Association (ATA) for the past two years.
Zimbabwe's ATA presidential tenure ended last week, paving way for Cameroon to take over.
Source - zbc
