The Tourism Ministry has handed over $350 million to the EXIM Bank from the Tourism Enhancement Fund (TEF), to facilitate loans to Small and Medium Tourism Enterprises, (SMTEs) that provide goods and services to the tourism sector.
Speaking at the handover ceremony yesterday, Tourism Minister Edmund Bartlett said more than 80 per cent of tourism is driven by SMTEs but only 20 per cent of tourism resources go back to them.
He noted that part of the problem is capacity, adding that smaller players need to grow and expand.
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