Myanmar tourism looks for loans

YANGON, 19 December 2014: Due to the rapid growth of tourist arrivals and expansion of the tourism industry, Myanmar will establish a Tourism Development Bank to help support tourism and hotel developers.
Eleven Myanmar media quoted Myanmar Tourism Federation’s co-general secretary, Tin Tun Aung, saying Myanmar’s tourism sector has grown at such a rapid pace it needs to raise capital far beyond the scope of commercial banks.
“To respond to this need, a Tourism Development Bank is due to open to support hotels, tourism companies and local businesses gain access to capital.”
He added: “The bank will mainly cater to entrepreneurs in the tourism sector offering them loans and technical aid.”
inside no 4The bank has already received permission from the government to establish operations, which will begin by establishing a company, inviting investors, selling shares before hosting tourism expos attended by hotel and tourism developers seeking capital.
International tourist arrivals rose sharply, from 800,000 in 2011 to about 2.04 million in 2013 generating USD926 million.
So far, this year tourist arrivals to Myanmar are on target to reach 3 million, and the revenue generated by the tourism sector should exceed USD1 billion.

sourced:ttrweekly.com