The Multilateral Investment Fund today announced the approval of a $1.3 million grant to the Bahamas Hotel Association to carry out a program to improve the competitiveness of the tourism sector, promote sustainable activities and diversify products and packages.
The resources will develop a network of small- and medium-sized tourism businesses, assist in product development and promote eco-tourism and other new products.
Among the areas that will be developed are tourism activities that involve heritage, culture and nature ﾖ niche markets with a potential for further development and a need for greater awareness and cooperation among providers.
The project will focus on developing sustainable tourism activities in the Family Islands ﾖ those inhabited islands other than New Providence or Grand Bahama ﾖ that have more limited tourism facilities but less congested natural attractions.
A matching grant system for financing technical assistance and the branding and marketing of pilot tourism destinations will also be financed by the program, which is designed to benefit 75 accommodations providers, 20 marinas and 50 tourism services providers, as well as other sectors of the industry.
Market studies have shown a potential for further growth in the Bahamas tourism industry through the adoption of more sustainable environmental practices, the diversification of product supply, a reduction in operating costs and the development of common organization and vision among small- and medium-sized businesses.
The Multilateral Investment Fund is an autonomous fund, administered by the Inter-American Development Bank, which provides grants, investments and loans to promote private sector growth, labor force training and small enterprise modernization in Latin America and the Caribbean. ﾠ
