Guyana allocates $300M for tourism sector


Georgetown, Guyana — Feb. 27, 2008 — The 2008 National Budget has made a procession of $300 M that will contribute to the enhancement of the tourism industry. A major aspect of this improvement will be infrastructural facilities.

While tourism is not a traditional sector for Guyana, Government has placed high priority on actively promoting accelerated diversification of the economy, as such non-traditional sectors like tourism are targeted.

The budgetary allocation will be spent on the upgrading of venues that will be used when Guyana hosts the tenth Caribbean Festival of the Arts (CARIFESTA X) which is expected to generate a great deal of activity for the domestic tourism industry.

CARIFESTA X is expected to be the cultural highlight of the Caribbean when it is held in August and will provide an excellent opportunity for Guyana to solidify its image as a tourist destination in the region.

Government has projected that the hosting of CARIFESTA X will have a positive effective on the economy since the hosting of the celebrations is expected to generate further economic activity is several sectors during 2008.

During 2007 Guyana hosted the Cricket World Cup 2007 games at the newly constructed Providence Stadium. This paved the way for Guyana to embark on Sports tourism, and in the promotion of this aspect the Government has allocated $259 M for the construction of an Olympic sized swimming pool, rehabilitation of the Cliff Anderson Sports Hall and the National Gymnasium, upgrading the Colgrain Pool, and the purchase of sports gear and equipment.

Government has planned to target the nature based tourist markets where emphasis will be placed on niche sectors such as yachting, birding, and eco-tourism.

The Guyana Tourism Authority (GTA) in last year’s budget received $65.6 M to promote and market Guyana as a unique tourist destination.

In the 2008 Budget other sectors that complement tourism including Works and Transportation sectors have also benefited as they have received significant allocation.