The European Bank for Reconstruction and Development (EBRD) and the United Nations World Tourism Organisation (UNWTO) have agreed to take immediate action to facilitate the recovery of tourism sector across the 38 economies where the bank invests.
According to an analysis by UNWTO, all worldwide destinations introduced restrictions on travel in response to Covid-19 – an unprecedented act.
While some destinations are starting to ease restrictions, the crisis is far from over and this lockdown has led to a massive fall in international tourist arrivals.
In light of such unprecedented events, the EBRD and UNWTO are joining forces to boost the recovery of the sector, according to a news release of UNWTO published on June 26.
The support is currently envisaged for a number of countries, including Albania, Armenia, Croatia, Egypt, Georgia, Greece, Jordan, Lebanon, Montenegro, Morocco, Tunisia, Turkey and Uzbekistan.
The two organisations are longstanding partners and signed a first Memorandum of Understanding for cooperation in 2015, which they renewed in 2019.
This cooperation expands the existing partnership and builds on the UNWTO's recently adopted Covid-19 Tourism Recovery Technical Assistance Package.
The package includes three pillars through which the organisation plans to assist the sector -- economic recovery, marketing and promotion and institutional strengthening and the building of resilience.
The EBRD is committing all of its activity in 2020-21 to helping its regions counter the economic impact of the coronavirus pandemic, with investment expected to reach up to €21 billion.