UNWTO And CAF Collaborate On Sustainable And Innovative Tourism In Latin America
The World Tourism Organization (UNWTO) and the Development Bank of Latin America (CAF), have signed an MOU to strengthen their collaboration to promote and mobilize tourism development through investments across Latin America. The main reason for the agreement is that global foreign direct investment (FDI) in tourism decreased by almost 74% in 2020 compared to 2019, with arrivals to Latin American destinations falling by as much as 68% in the first half of 2021 compared to pre-pandemic levels.
UNWTO Secretary-General, Zurab Pololikashvili, said:
“Innovation in the way investments are promoted is the key to reshaping the tourism model. Working on strengthening the venture capital culture in countries, leading the growth of startups and boosting green investments through the UN Tourism Net Zero Fund together will help UNWTO and CAF Member States in the Americas to lead the shift towards sustainable economic development.”
The agreement between the organizations places special emphasis on enabling access to innovative financing mechanisms and on promoting green investments. The environmental target is in line with the Glasgow Declaration for Climate Action, launched by UNWTO and its partners at the COP26 Climate Change Conference in early November.