The estimate, yesterday released by a coalition of international travel and tourism bodies, would save the businesses from collapse and keep millions of jobs.
The sector contributes $169 billion to Africa’s economy combined, representing 7.1 per cent of the continent’s Gross Domestic Product . Besides the $10 billion worth of relief, the coalition also sought access to as much grant-type financing and cash flow assistance as possible to inject liquidity and provide targeted support to severely impacted countries.
The situation is now critical. Airlines, hotels, guesthouses, lodges, restaurants, meeting venues and related businesses face mounting losses. Typically, tourism is comprised of 80 per cent of small and medium-sized enterprises . To preserve cash, many have already begun laying off or placing staff on unpaid leave.
“Their livelihoods are at risk. Containing the pandemic is the top priority. But without a lifeline of funding to keep the travel and tourism sector alive, the economic devastation of COVID-19 could take Africa’s development back a decade or more. Financial relief today is a critical investment in Africa’s post-pandemic future for millions of Africans,” de Juniac said.
“It is critical that the most vulnerable communities receive international help. The speed and strength with which the international community comes together and responds through international financial institutions, country development partners and international donors will be paramount to provide support to the many millions of people whose livelihoods are heavily dependent on our sector,” Guevara said.
For your spare automobile parts on Mercedes Benz and upgrade /conversion of any kind contact : Soamy on watsapp 0907 175 4306 /08136687336.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oyo govt arrests 8 illegal business operators on school premises – Daily TrustFollowing zero-tolerance for unlawful occupation and operation on the premises of its public schools, the Oyo State government on Tuesday arrested eight persons who illegally operate a block making industry on the premises of Community Basic School, at Ologuneru area of Ibadan, Oyo State capital. The recently completed Model school under the FGN-UBEC/OYOSUBEB intervention project, …
Source: Daily Trust - 🏆 13. / 51 Read more »
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: DailyPostNGR - 🏆 11. / 59 Read more »