The government will provide soft loans to hotels in Kenya to cushion tourism sector from adverse effects of coronavirus.
The Tourism sector has suffered the most because of restricted movements and termination of international flights. The government plans to remedy this through the provision of loans. This is one of the targeted sectors in the eight-point economic stimulus rolled out by the government today. Tourism will get a share out of the Sh53.7 billion allocated for the eight sectors.
“To jump-start this important sector and protect its players from heavy financial losses, my administration will provide soft loan,” Uhuru added.
The other sectors in the eight-point economic stimulus are Education, Agriculture, Manufacturing, Environment, Health, Small and Medium Enterprises (SMEs) and Infrastructure.
The funds have been set aside in an effort to revive the economy. The economy has been adversely affected since the start of coronavirus.
The President acknowledged that the tourism industry has suffered a lot since the outbreak of coronavirus. He has rolled out the funds in an effort to revive the Kenyan tourism industry.