SIFC, GB govt ink MoU for revamping guest houses

19 May 2024

Published in: Samaa

The Special Investment Facilitation Council (SIFC) and the Government of Gilgit-Baltistan (GB) have signed a Memorandum of Understanding (MoU) to revamp 44 state-run guest houses in GB under the “Green Tourism” project.

This initiative aims to boost the tourism sector in the region, creating new job opportunities and increasing revenue.

Under the agreement, Green Tourism Company will invest an initial amount of Rs. 3 billion to modernise the guest houses, which have been a burden on the national exchequer for years, providing no benefits to the public. The renovated guest houses will not only improve the tourism sector but also generate employment opportunities for the locals.

The company will use 20% of its annual profits for the promotion of tourism in GB, while 35% of the annual revenue will go to the GB government for the development of the province.

This revolutionary step is expected to increase the influx of tourists in the region, showcasing GB’s natural beauty and cultural heritage to the world.