New Delhi, India, July 17, 2014
—The World Bank Group is supporting India’s Ministry of Tourism and state tourism departments of Bihar and Uttar Pradesh on the government’s priority program to develop the Buddhist Circuit, foster tourism-led growth, expand economic opportunities and create jobs for local communities, offer better facilities to pilgrims and help increase tourist traffic five times.
IFC, a member of the World Bank Group, worked with a government-constituted multi-stakeholder Buddhist Circuit Steering Committee to develop a five-year roadmap to establish the Buddhist Circuit as a tourist and pilgrimage destination. Titled
Investing in the Buddhist Circuit,
the roadmap outlines actions needed to transform Buddhist sites and estimates about $200 million investment required to improve infrastructure, hotels, facilities, and services of logistics companies and tour operators along the circuit, both through public and private participation.
"Having World Bank Group's support has been crucial to formulating a strategic roadmap along the Buddhist circuit. The state governments of Bihar and Uttar Pradesh have pro-actively partnered this important initiative,” said Shripad Naik, India’s Minister of State for Culture and Tourism. “We look forward to implementing this strategy along with stakeholders to transform the circuit for a more wholesome experience for tourists.”
The Buddhist circuit is a globally important route for over 500 million Buddhists, along the life of Buddha across Nepal and India - from Lumbini, where he was born; Bodhgaya where he attained enlightenment; to Kushinagar; where Buddha achieved salvation. Statistics indicate that the trail attracts a small fraction of potential Buddhist tourists each year. The World Bank Group will eventually integrate Lumbini into the circuit as well.
Serge Devieux, IFC Director for South Asia, said, "Private sector participation is critical in this extraordinary, first-of-its-kind initiative. IFC will assist in nurturing a business environment conducive for private sector, encourage and invest in local enterprises, domestic industry, and foreign investors to build robust infrastructure, hotels, enable quality services along these sites, creating better economic opportunities and jobs.” Having funded $2 billion in more than 270 hotel projects across the world, IFC is an experienced hotel investor and keen to fund viable hotel projects.
The World Bank is supporting the state and local authorities in Uttar Pradesh in its pro-poor tourism development project, to improve living standards and offer increased income opportunities to low-income communities in the state’s primary Buddhist sites, including Agra and the Braj region. Bihar is also keen to adopt a similar integrated approach for developing the state’s Buddhist sites.
"It is a tremendous opportunity for World Bank Group institutions to offer inclusive solutions, bringing public and private stakeholders together to unlock India's heritage and tourism potential while addressing important development goals,” said Onno Ruhl, Country Director, World Bank India. “Remodeling the Buddhist trail will open up new employment opportunities.”
The Federation of Associations of Indian Tourism and Hospitality, a national body of travel and hospitality associations, contributed to developing the roadmap. “We have been actively pursuing the strategy of making India a world class Buddhist tourism destination, an initiative approved in the recent union budget. The launch of the Buddhist circuit strategy is a step in this direction,” said Sarabjit Singh, Vice Chairman, FAITH.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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