MCT plans tourism business loan guarantee scheme




BY MAVIS NISHIMURA PODOKOLO

PERMANENET secretary of the Ministry of Culture and Tourism Andrew Nihopara 

THE Ministry of Culture and Tourism has discussed the need to establish a Tourism Business Loan Guarantee scheme that would be made available to all tourism and tourism-related businesses.

This was revealed to this paper by Andrew Nihopara, Permanent Secretary of the Ministry of Culture and Tourism.

“Another plan that is current under discussion is the need to establish a Tourism Business Loan Guarantee Scheme that would be available to all tourism and tourism-related businesses.

“This will include the existing businesses that required to be upgraded under the Minimum Standards that are currently being rolled out,” he said.
Nihopara said the idea behind such approach is to ensure that tourism growth adopts a much more commercial approach that is government grant dependent.

“Hence, the incentive packages and the loan guarantee scheme are normal business offerings and undertakings that any serious tourism business operator will be willing to adopt and utilise.”

Nihopara said the mechanism likely to be used for the implementation of this scheme is the proposed revival of the Development Bank of Solomon Islands, but they look forward to holding discussions with the commercial banks as well in this regards.

He adds, the guarantee scheme that is current administered is jointly between Central Bank and the Ministry of Commerce and is being explored to see how it be made more attractive and more robust.  

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