World Bank To Loan The Gambia $68m To Revive Tourism Sector

The Gambia has recently signed a deal with the World Bank to loan up to $68 million that would be used to revive the country’s tourism sector.

The grant would promote diversification and climate resilience of tourism and help protect the Atlantic coastline of The Gambia, a country of about 2.1 million inhabitants surrounded by Senegal, from the effects of climate change.

Tourism like many other sectors across Africa has been hard-hit by the pandemic and the economic fallout of the Russian invasion.

In the Gambia, tourism accounts for roughly 20% of The Gambia’s gross domestic product (GDP) and is the largest foreign exchange earner, according to government statistics. Back in 2020, the Gambia’s economic growth contracted by 0.2%, but in 2021, the country’s economy grew by 5.2%, largely driven by the return of beach resort-goers and remittances.