$8.8B approved for tourism

The $8.8 Budgeted for the Ministry of Tourism Industry and Commerce, in the 2025 National Budget was on Friday, passed in the National Assembly, after consideration of the estimates.

As the ministry continues supporting small businesses, 250 businesses from various parts of the country will benefit from training in areas like supply chain management, financial literacy, customer service training, supervisory management, communications and marketing. 

It was also revealed by Minister Oniedge Walrond that there will be more community-based approach to supporting small businesses.

“The ministry has taken a policy direction to move away from a traditional small grant-based system, towards a more strategic community development project so we have identified several small businesses in various communities to get better access to financing support in a way in which encourages growth and their ultimate sustainability,” she stated.

The Tourism sector is one of the rapidly growing sectors in Guyana’s Economy.

In her earlier presentation in parliament Minister Walrond noted that revenue from the tourism sector was approximately $13.6 billion Guyana dollars in 2024.

She noted too that nearly 22,000 people directly or indirectly working in hospitality across the country.

Minister Walrond highlighted the increasing confidence of the private sector in tourism investments. Also, $3 billion has been allocated to support small businesses in Regions 2, 3, 4, and 10. The Onderneeming Industrial Estate is now 95% complete and scheduled for rollout in early 2025, offering 90 business plots while the York Industrial Estate in Region 10 is also slated for completion in 2025.