NEW: Hospitality industry absorbs US$100m investments

26 Nov, 2021 - 12:11 0 Views
NEW: Hospitality industry absorbs US$100m investments Minister Mangaliso Ndlovu

The Sunday Mail

Online Reporter

Zimbabwe’s tourism and hospitality industry has this year taken in over US$100 million of new investments, said Environment, Climate, Tourism and Hospitality Industry Minister Mangaliso Ndhlovu.

He was speaking at the Hospitality Association of Zimbabwe (HAZ) Congress on Thursday.

“Numerous facilities are currently under development and a number of refurbishments of facilities are taking place during this difficult era,” said Minister Ndhlovu.

“Our assessment, based on data from the Zimbabwe Tourism Authority, we note that during the year to date, over US$100 million has been invested in new tourism facilities with key milestone investments including the Palm River Hotel, whose construction commenced during the Covid-19 era.”

Zimbabwe is working towards a US$5 billion tourism economy by 2025.

The Minister urged local banks to fund tourism projects, adding that the establishment of the Tourism Revolving Fund was being expedited.

“Government will provide seed capital for the setting up of this facility,” he said.

 

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