To boost Zambia’s nature-based economy and increase economic opportunities in emerging tourism destinations in the country such as Liuwa Plains National Park, Source of the Zambezi, and Kasaba Bay, Executive Directors of World Bank have approved a $100 million grant on that accord.
The project is aimed at increasing economic opportunities and revenue from tourism and the wider nature-based economy sector by improving the enabling environment, engaging key stakeholders, funding pivotal basic infrastructure, and providing matching grants to communities for investments in the nature-based economy.
It will also enhance sector governance through investments in regulatory reform and building the strength of core sectoral agencies.
Local communities, nature-based community enterprises, and private sector entities within the emerging tourism site are the main beneficiaries of the Green, Resilient, and Transformational Tourism Development Project. Also, women-led entities will be assisted with business advisory services, including access to finance, to benefit equitably from the project.
At the national level, the project will enhance the institutional capacity of participating ministries through a variety of capacity-building activities and programs.
World Bank Country Manager for Zambia, Sahr Kpundeh said “We are pleased to support Zambia’s push towards a green growth strategy in which a nature-based economy is key. Diversified, nature-based economic activity and private sector investment will create jobs and protest nature in the areas targeted under the project.”
Zambia’s nature-based economy cut across many sectors and offers multiple environmental, social, economic, and fiscal benefits however more effective natural resource management is needed to improve economic opportunities for local populations and community incomes. Many potential tourism areas in Zambia currently suffer from poor accessibility, poverty, and environmental degradation.
Zambia’s globally significant natural assets offer an important opportunity for sustainable development. Presently, natural resources make up 40% of the country’s wealth and are a strong basis for its economic growth and strategies for poverty reduction.
Moreso, the diminishing prices of commodities and other external shocks necessitate economic diversification. The country needs to unlock new green economic pathways that capitalize on its natural assets and their comparative advantages.
The project which is in line with national priorities in the Eighth National Development Plan (8NDP) and highlights the government’s commitment to unlocking the tourism sector will support Zambia’s goal to increase tourism both from international and domestic sources and improve accessibility.
It will also lengthen the stay of tourists, diversify tourism product offerings, and increase the sector’s contribution to the economic development country’s economic development