Securing Sustainable Funding
Kenya tourism considering bond issue to fund activities
The Kenya Tourism Trust Fund is apparently considering the launch of a dedicated tourism bond to raise funding for their planned activities across the country as the EU-funded tourism support program is coming to an end. The fund was initially formed in 2002 by the Kenyan government and the EU to jointly process the disbursement of money availed by both Kenya and the EU.
However, the EU project has now run its course, and there is no clarity if an add-on program or intervention is being considered by the EU – something which was not the case in Uganda two years ago when the UGSTDP came to an end in spite of the program not entirely meeting its targets. This was due largely because of the dithering on the Ugandan government side where crucial components were not put into place in a timely manner, belying constant verbal assurances to the sector of being a priority.
Hence, Kenya is in need to secure sustainable funding for TTF and KTB to continue aggressive marketing in existing, emerging, and new markets while at the same time adding value to the existing tourism circuits and opening up new attractions across the country.
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