A MULTI-MILLION dollar financial facility to develop the travel and tourism industry in Eastern Europe has been created by the World Travel and Tourism Council (WTTC) and the European Bank for Reconstruction and Development (EBRD).
The facility is designed to stimulate investment in the region's travel and tourism sector by using the bank's existing financial resources and the industry's know-how to foster a new generation of business.
''The travel and tourism industry provides an excellent environment in which many different sorts of small businesses can be established and flourish,'' said WTTC chairman James Robinson.
''As the industry's cycle times are so short, its potential is even more significant to Eastern Europe as it tries to move swiftly to implement market reforms and improve the quality of life for its citizens.'' At the heart of the facility are three new ''windows'' that have been structured to make the EBRD's resources available to help identify and quantify key market opportunities, ensure that the region's infrastructure reflects the needs of the travel and tourism industry, and encourage new projects in the industry by providing equity capital.
EBRD funding will be matched by private-sector investment in the form of expertise from travel and tourism businesses.
In addition, an Eastern Europe unit will be created within the WTTC which will act as a liaison between the bank's facility and the private sector.
