European Bank for Reconstruction and Development and UNWTO to boost tourism recovery

European Bank for Reconstruction and Development and UNWTO to boost tourism recovery

The rapid spread of COVID-19 has had a massive impact on many sectors of the global economy, with tourism being among the hardest hit. The European Bank for Reconstruction and Development (EBRD) and the United Nations World Tourism Organisation (UNWTO) are joining forces to boost the recovery of the tourism sector across the 38 economies where the Bank invests.

According to 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 have agreed to take immediate action to facilitate the recovery of tourism. 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 immediate response was designed along the three pillars of the UNWTO’s Tourism Recovery Technical Assistance Package. It includes measurement of the impact of Covid-19, recovery plans with incentives to revive the tourism sector, protocols to ensure the enhanced safety, hygiene and security of tourists and employees, marketing of measures that can boost tourism demand, capacity-building for tourism officials and training for tourism sector enterprises in adopting the new protocols. A key element is to preserve human capital as well as to adapt and strengthen inclusion.

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, which includes three pillars through which the organisation plans to assist the sector: 1) economic recovery, 2) marketing and promotion and 3) 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. The Bank will target all sectors of the economy, including tourism and hospitality which were particularly affected by the Covid-19 crisis.

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