$2B funding secured for Tourism and Hospitality Institute
-CDB approves US $11M loan
The Caribbean Development Bank has approved a US$11 million (approximately $2.3 billion) loan for the development of a Tourism and Hospitality Institute in Guyana. This was announced today by Senior Minister in the Office of the President with responsibility for Finance, Hon. Dr Ashni Singh.
The institute was conceptualised during the last PPP/C Government.
“We had already at that time identified the need for the development of technical capacity in the tourism and hospitality sector, raising standards, training of personnel, ensuring that people have the skills that are necessary to staff and to manage a modern dynamic and competitive tourism and hospitality sector,” Dr. Singh told DPI in an interview.
The Minister said the conversation with the CDB for financing the project commenced over six years ago, before it was greenlit on Thursday.
Dr Singh said the Institute is important, as it suits the agenda outlined by President Dr. Mohamed Irfaan Ali, of a robust economy, powered by numerous sectors.
“We want to create an environment where Guyanese can get world-class training and can deliver world-class service, in or with world-class companies. This is also about giving people skills, it is also about enhancing their employability and it is also about meeting a need in the job market,” Dr Singh said.
Guyana is seeing growing interest from major international players in the hospitality and air travel sectors which augurs well for the local tourism industry.