The Gambia and the World Bank have agreed to a $68 million agreement to revitalize the country’s tourism industry.
On Tuesday, officials of both parties announced the agreement during a signing ceremony in Banjul, the capital of The Gambia. The award’s purpose is to encourage the diversification and climatic resilience of tourism in The Gambia, a country of around 2.1 million people bordered by Senegal, and to protect its Atlantic coastline from the effects of climate change.
Tourism in Africa has been severely impacted by the coronavirus pandemic and the economic repercussions of the Ukraine conflict, according to Axel Van Trotsenburg, managing director of operations for the World Bank.
According to the government, tourism accounts for around 20 percent of The Gambia’s gross domestic product (GDP) and generates the most foreign currency.
According to the World Bank, The Gambia’s economic growth contracted by 0.2% in 2020 due to the epidemic.
Since then, the economy has begun to revive, with projected growth of 5.6% in 2021, driven mainly by the return of beach resort visitors and remittances.