The ministry of tourism has said it will seek increased funding to the Kenya tourism development corporation as the government seeks to support investments in the sector. Speaking during the corporation’s unveiling of a new brand, assistant minister for tourism Cecille Mbarire said this is in line with the government’s plan to open up marginalized area as well as fostering sustainable livelihoods.
The 45 year old Kenya tourism development corporation has in the past been neglected resulting to decreased tourism investments in the country. In the past 5 years however the corporation is back on its feet with a stable balance sheet having reduced the non performing loan portfolio to just 4.8% in December 2011 compared to 89% in 2006. The corporation that rebranded just 6 months ago says it has managed to finance over 1,400 beds all over Kenya in the past year alone and embarked on multi-million shilling projects, namely a Convention Centre at Haller Park, Mombasa, and a Marina in Shimoni.
Managing director Mary Ann Ndegwa says the organizations net Operating profits have also increased by 300% after tax and provisions for bad debt, from 2008/2009 to the latest forecasts for the financial year 20011/2012. The corporation has also announced that 2012 will see the African investment hotel forum held in Nairobi a first in the sub Sahara region bringing together all the major hotel Brands in the world to Kenya. Currently the country is in need of up to 25000 beds to keep up with demand and up to 1 billion shillings needed to finance the sector.
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