Tourism Development Bank to be Established in Maldives

Photo: Freepik

The Maldives will establish a Tourism Development Bank to support the nation’s vital tourism sector, Minister of Tourism Ibrahim Faisal revealed while speaking at the ITB Fair in China yesterday.

Speaking at the fair’s opening ceremony, Minister Faisal detailed the purpose of the new bank, which will provide low-interest loans to support various tourism initiatives. “The goal is to financially empower young people who want to enter the tourism sector,” he stated.

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The bank will play a pivotal role in financing the completion of unfinished resorts and the reconstruction of long-abandoned ones. Additionally, it will offer loans to youths aiming to start tourism-related businesses, such as building guesthouses and other entrepreneurial ventures within the industry.

Minister Faisal highlighted the importance of developing a comprehensive plan to address the challenges facing the tourism sector, particularly health disasters and environmental issues. He stressed that the sector’s sustainability and resilience depend on effectively managing these challenges.

By providing essential financial support to aspiring entrepreneurs, the initiative aims to stimulate growth and ensure the sector’s continued prosperity in the face of future challenges.

ITB China 2024 is being held at the Shanghai World Expo Exhibition & Convention Center from 27th-29th May. The Maldives Marketing and Public Relations Corporation (MMPRC), along with 45 travel and tourism companies and over 100 representatives, is showcasing the Maldives as the ‘Official Partner Destination’ at ITB China 2024.

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