Kenya plans to grant loans at discounted interest rates to the hospitality industry to promote green tourism. It was informed by Jonah Ormoi, the chief executive officer of State-owned Tourism Finance Corporation.
“We will extend loans at below market rates to the hospitality sector in order to ensure that the tourism sector has a low carbon footprint,” Ormoi said during a forum on sustainable trends in the MICE (Meetings Incentives Conference and Exhibitions) tourism sector.
Repayment of the loan should only be started after 24 months from the date of loan. The authorities expect that the funds will enable the hoteliers to introduce green technologies so as to reduce their energy consumption and to reduce pollution.
“Some of the projects to be funded include renewable energy sources such as solar power and bio-gas as well as water recycling plants,” said Ormoi
Currently wildlife sanctuaries and beaches occupy major portion of Kenya tourism. The country need to look for innovative products in the tourism sector, in order to make Kenya a sustainable tourism destination.
As per statistics from the government sources, tourism is one of the major foreign exchange earners to the country’s economy and accounts for approximately 10 per cent of the gross domestic product (GDP).
