Madrid, Spain, 11 June 2018 – The World Tourism Organization (UNWTO) has signed up to the Financial Management Framework Agreement between the United Nations (UN) System and the World Bank Group, which facilitates engaging in joint projects.
A letter of adherence to the Agreement, which recognizes specific UN entities, will allow UNWTO and the World Bank to work closer together to achieve the Sustainable Development Goals (SDGs) in developing countries.
This Agreement came into use after World Bank President Jim Yong Kim and UN Secretary-General António Guterres signed a Strategic Partnership Framework on 18 May 2018, in which a key cooperation area is supporting the funding and implementation of projects to help countries reach the SDGs.
“This is the recognition of UNWTO as an important potential World Bank partner and will provide more visibility to the Organization, increasing the possibilities to participate in joint projects”, said Cordula Wohlmuther, UNWTO’s Head of Partnerships for Development.
UNWTO Member States can request to borrow funds from the World Bank in order to partner with UNWTO on tourism development projects.