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Report Summary: Integrating Local SMEs in the Tourism Industry in Cabo Verde, São Tomé and Príncipe, and The Gambia

This World Bank report analyzes the integration of Small and Medium Enterprises (SMEs) into the tourism sector in Cabo Verde, São Tomé and Príncipe, and The Gambia, with a special focus on access to finance.

Key Findings

• Tourism SME Landscape: SMEs play a significant role in tourism, but their numbers and access to finance vary across countries. The Gambia shows higher SME activity per capita, while Cabo Verde has the highest tourist arrivals and tourism's share of GDP. Figure 1 and Figure 2 provide visual data on tourism inflows, SME density, and GDP contributions.
• Access to Finance Barriers: Significant constraints exist for SMEs seeking finance. These include limited credit availability from the private sector, high lending interest rates, insufficient financial market development (Figure 7), lack of collateral, and macroeconomic factors like low domestic savings (Figure 5). Table 1 and Table 2 detail these barriers and macroeconomic indicators.
• Comparative Analysis: Cabo Verde shows relatively better financial access but still faces high interest rates. The Gambia struggles more with credit availability and gender-specific access. São Tomé and Príncipe exhibit inefficiencies in goods market performance and financial market depth. Figure 6 ranks countries based on competitiveness factors.
• Impact of Circular Economy and Sustainability: The report explores the link between circular economy practices and SMEs' competitiveness and sustainability in tourism.
• Gender Dimension: Gender inequality impacts SMEs' access to finance and overall competitiveness. Policies addressing women's specific needs are highlighted for future recommendations.

Recommendations

• Strengthen financial market development (more branches, better infrastructure, stable macroeconomics).
• Promote digital finance solutions to improve lending reach and efficiency, especially for SMEs.
• Enhance tourism infrastructure and support business-linkages within the tourism value chain (Figure 4).
• Scale up micro, small, and medium enterprise development programs, ensuring gender-responsive and sustainable financing options, as seen in initiatives like innovation schemes and microfinance in the Gambia (Islamization of Micro-Finance, women's loan programs).
• Promote tourism sustainability through circular economy principles.

Goals

The primary goal is to support SME growth within the tourism sector in these countries, fostering economic resilience, inclusivity, and sustainable development.