IFC, a member of the World Bank Group, and SOFID, the Portuguese development finance institution, have agreed to work together to support sustainable tourism investments in emerging markets as an engine for growth and job creation.
Under a Memorandum of Understanding (MoU) announced during the Multilateral Days in Lisbon, Portugal, IFC and SOFID plan to explore private sector opportunities for investments in sustainable tourism projects in Lusophone African countries, with an initial focus on São Tomé e Príncipe.
The MoU builds on the REVIVE program, which was launched by the Portuguese government to promote the restoration and use for tourism purposes of state-owned real estate properties in Portugal that have an architectural, heritage, historical and cultural interest. The REVIVE program, which aims to crowd in private investments to restore such real estate properties, has been extended to include countries in Lusophone Africa.
“We are excited to deepen our relationship with SOFID to support private investments in emerging markets,” said Sérgio Pimenta, IFC Vice President for the Middle East and Africa. “Tourism can deliver significant development impact: It is the second-largest job creator globally and can improve inclusion and employment and generate significant tax revenues for governments.”
Original source: IFC
Published on 21 November 2019
