Financing Geotourism: What Makes a Compelling Case

Posted on Jul 13, 2009 by Elizabeth Araujo

Finding the money to fund your innovation is getting even harder in these rough economic times. The good news is, there's plenty of investment available from governments, foundations, individuals, and even visitors—you just have know where to look and how to ask.

In this week’s discussion, we're looking to hear your success stories and dishing the best advice from funders on how to make your case, and reel in the investments for your geotourism innovation.

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Comentarios

Tyler Ahn profile img
Jue, 07/16/2009 - 18:12
Tyler Ahn

I definitely think that there is a lot of interest from multilateral organizations on the tourism industry as a way for holistic economic development.  I know my days at the IFC that there were several staff focusing on tourism as a way to do so.  I know that the IDB too is also very interested.  

I say it was a huge win for the Geotourism practitioners in Latin America when IDB joined us to announce a $10 million funding package.  Here is a bit of an update for our entrants on next steps.

At present, the IDB/MIF team is carrying out the assessment of the submitted initiatives and in August, we will be announcing which are 10/15 finalist proposals of this opportunity for LA and the Caribbean. The design stage starts in September, when applicants will have to start working on the production of a final document. In December, we will announce the approved projects and these will receive the co-financing aimed at execution.

Timeline

June 15 – August 15  2009 – Evaluation by BID/Fomin

August 15 2009 – Announcement of 10/15 finalist initiatives for the IDB/MIF opportunity.

September 15 – December 1 2009: design stage by applicants for the production a document.

Consultants hired by IDB/MIF will be assigned to each of the selected initiatives to – jointly with participants – work on the design of the projects to be co financed. These consultants will provide technical support for the design of the final projects. In this manner, the aim is to guarantee that projects comply with the methodological and technical concepts required by IDB/MIF, as well as all the guidelines and obligations required by IDB to applicants. This stage will be finished with the production of a complete document for each of the projects (donors’ memo, budget, logic framework and acquisitions plan)

December 1st – Announcement of project to be co financed.

Final approval and announcement of the project that will be financed.

February – March 2010 (1st quarter 2010) - Execution phase.