The Role of the World Bank in the Inclusive Financing of Tourism as an Instrument of Sustainable Development

Isabel Carrillo-Hidalgo and Juan Ignacio Pulido-Fernández
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Isabel Carrillo-Hidalgo: Department of Financial Economics and Accounting, University of Jaén, 23005 Jaén, Spain
Juan Ignacio Pulido-Fernández: Department of Economics, University of Jaén, 23005 Jaén, Spain

Sustainability, 2019, vol. 12, issue 1, 1-21

Abstract: It is widely accepted that tourism, given the right conditions, can be an important instrument of economic growth and a means of improving the quality of life for the societies in which it is implemented, particularly in developing territories. International financial institutions are aware of the role that tourism can play in this regard and, accordingly, have included it within their strategies to further sustainable development and financial inclusion. The World Bank is one of the institutions working to foster tourism, although, interestingly, it only began working in this area very recently (2016). This paper analyses the role of the World Bank in the inclusive financing of tourism as an instrument of sustainable development and compares it with the finance allocated to another four sectors in the branch of trade and industry. To this end, using a system of indicators previously tested in the literature, it analyses a total of ninety-two projects directly related with tourism, trade, manufacture, services, and housing construction activity. The results obtained, when compared to the finance allocated to other sectors of trade and industry (to which tourism also belongs), indicate that the World Bank’s financing of tourism could sharpen its focus on financial inclusion, which would ensure greater efficiency and efficacy in the attainment of its poverty reduction and development goals.

Keywords: tourism; sustainability; World Bank; financial inclusion; development cooperation (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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