Safari hotels to tap into IFC’s eco-tourism fund
The International Finance Corporation has injected $13 million (Sh1.79 billion) into a pan-African fund, enabling cash-strapped operators of safari camps, hotels and lodges to access loans to recover from lingering shocks of the pandemic.
IFC said on Monday the investment in Africa Conservation and Communities Tourism Fund (ACCT Fund) targets ecotourism businesses in East and Southern Africa.
Conservation tourism in Kenya, South Africa, Tanzania, Botswana, Namibia and Zambia facing liquidity challenges that emanated from the Covid-induced travel restrictions three years ago will be prioritised under IFC’s new investment.
The new senior equity tranche from World Bank Group’s private sector lending arm now brings the cash mobilized by ACCT Fund to $70 million (Sh9.66 billion) since its establishment in 2021.
Source: Business Daily