The National Bank of Ethiopia (NBE) approved a new financial stimulus package for the hospitality sector in response to the Coronavirus pandemic that has disrupted the tourism sector for almost a year.
Most of the hotels in Addis Ababa and regional towns, which were out of business in the past six months due to COVID-19, are reopening their doors for business. With the exception of those serving as quarantine centers, most hotels were closed for renovation in the past several months.
Haile Hotels and Resorts, the hotel chain owned by the athletics legend, Haile Gebreselassie, disclosed its plan to develop a world class resort in the lakeshore of Tana, Gorgora locality at a cost of more than one billion birr, it was learnt.
The US-based JLL Hotels and Hospitality Group reported that Ethiopia has seen a significant decline in tourism arrivals over the past four year, with the first quarter of this year exhibiting a further 35.5 percent decrease.
In the midst of cascading events the novel coronavirus pandemic has unleashed, the hospitality and tourism sectors, one of the hardest hit sectors, has been granted a 3.3 billion birr short term financing bailout to aid in working capital shortages and salaries.
Following the spread of COVID -19 and the subsequent travel restrictions impacting the international travel-tour industry, 88 percent of hotels in Addis Ababa have decided to partially or fully close their doors due to low occupancy rates, according to Addis Ababa Hotel Owners’ Association (AHA).