The UNWTO and the Development Bank of Latin America come together to promote tourism investments

UNWTO and the Development Bank of Latin America (CAF) will partner to promote and retain investment in tourism in the Latin American and Caribbean region

(Source: OMT)

As the recovery of the sector continues, the United Nations specialized agency for tourism has highlighted the importance of investments to build a more sustainable and resilient sector. The new collaboration agreement with CAF was announced within the framework of the FITUR fair in Madrid. Here, UNWTO welcomed high-level representatives of the region's Member States and the private sector.

The joint plans will see the two organizations work together to develop a comprehensive set of tourism investment guidelines. The guidelines will focus on five countries, namely Ecuador, Uruguay, Panama and El Salvador in the Latin American region, as well as Barbados in the Caribbean region.

Along with this, UNWTO and CAF will collaborate in the development of frameworks to attract, promote and retain foreign direct investment (FDI) towards sustainable tourism initiatives and to accelerate economic recovery and foster sustainability and resilience throughout the tourism sector. .

Tourism as a driver of regional growth
UNWTO Secretary General Zurab Pololikashvili says: "Tourism is a recognized driver of sustainable development, growth and opportunities in the Latin American and Caribbean regions. With this new agreement of association, UNWTO and CAF will work together to boost investment in the sector and target projects and initiatives that will make the biggest difference."

CAF's executive president, Sergio Díaz-Granados, says: "We are implementing an agenda to become the Green Bank of Latin America and the Caribbean, which will also include the development of sustainable and regenerative tourism. Proof of our commitment is that we are the first multilateral institution to sign the Glasgow Declaration on Climate Action in Tourism. Partnering with UNWTO will further our focus on the tourism sector and help us achieve our goals."

Growing Investments in Tourism
UNWTO recently confirmed that World Tourism Day 2023 (27 September) will be celebrated around the theme "Green Tourism and Investments". This new partnership with CAF builds on its tourism investment promotion work, including through its Guidelines for Doing Business, publications focused on individual countries in each global region.

CAF is an accredited entity of the Green Climate Fund and in collaboration with the UNWTO, its member countries will be able to access innovative financing models that reduce investment risk, supporting climate adaptation and mitigation policies and reducing the energy dependence of the sector. The work will complement progress made through the Glasgow Declaration: A Decade of Action for Climate and Tourism, launched at the UN Climate Summit in 2022 with the aim of guiding the sector towards net zero emissions by 2050 a latest.

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