UNWTO taps CAF for tourism investment

The United Nations World Tourism Organization (UNWTO) has partnered with the Development Bank of Latin America (CAF) to promote and retain investment in tourism across the Latin American and Caribbean regions. The partnership aims to develop a set of comprehensive tourism investment guidelines for five countries, namely Ecuador, Uruguay, Panama, El Salvador, and Barbados.

The organizations will also collaborate on the development of frameworks to attract, promote, and retain foreign direct investment (FDI) towards sustainable tourism initiatives in order to accelerate economic recovery and foster sustainability and resilience throughout the tourism sector.

UNWTO Secretary-General Zurab Pololikashvili stated that tourism is widely acknowledged as a catalyst for sustainable growth and opportunities in Latin America and the Caribbean. He added that the partnership with CAF will focus on increasing investments in the sector and directing it towards initiatives that will have the greatest impact.

The partnership was announced at the FITUR trade fair in Madrid, where high-level representatives from Member States of the region and from the private sector were present.