Barbados Tourism Industry to Strengthen Global Presence
With a loan of US$20 million from the Inter-American Development Bank (IDB), Barbados will increase the appeal of its tourism attractions, with a focus on encouraging more spending by visitors on its unique heritage and cultural products. The objective is enhancing the digital visibility of Barbados in the global tourism market, and increase the country’s international aviation connections.
Main economic driver
Like most Caribbean nations, tourism is the main driver for the economy of Barbados. The Barbados tourism industry has repeatedly experienced cyclical peaks and valleys in terms of its total number of visitors and receipts. In 2015, tourism contributed 12 percent of Barbados’ gross domestic product, approximately 37percent of total employment, and 60.4 percent of total exports.
The loan approved by the IDB will finance the implementation of three components linked to tourism development and governance in Barbados.
Develop new tourism venues
The first component will finance the development of new tourism venues with an emphasis on uniquely Barbadian cultural and heritage assets, including: a new Visitor Centre in Bridgetown’s Old Town Hall Building; the enhancement of an urban tourist route through historic Bridgetown; and improvements to the National Museum at the Garrison and the Oistins Waterfront.
Increase digital visibility
The second component will increase the digital visibility and market awareness of Barbados as a cultural tourism destination in coordination with the private sector.
The third component will fund the design and implementation of a new mechanism to select operating airlines to reinforce air connectivity between Barbados and new markets.
It is anticipated that this project will help the Government of Barbados by increasing the resilience of the country’s tourism sector, enhancing the appeal of the Barbados tourism brand, and connecting Barbados with various new markets.
Barbados Tourism Investment, Inc.
The program will be executed by Barbados Tourism Investment, Inc. (BTI), which is the official government agency responsible for facilitating infrastructural development for tourism. Several tourism entities will collaborate with BTI in the execution of the project in their respective areas of expertise.
The loan is for a 25-year term, including a 5.5-year grace period, at a LIBOR-based interest rate.
For more on Barbados tourism initiatives, click the link: Barbados bans harvesting of sea eggs