Hospitality business: Japan state fund teaming up with Kyushu banks on tourism

Hospitality business: Japan state fund teaming up with Kyushu banks on tourism

TOKYO — A Japanese government fund will work with five banks based in the southwestern region of Kyushu to seek investment for promoting tourism there.

     The Regional Economy Vitalization Corp. of Japan as well as Bank of Fukuoka, Kumamoto Bank, Shinwa Bank, Oita Bank and Miyazaki Bank will launch a 3 billion yen ($24.8 million) fund Thursday.

     The group plans to invite other local banks to join, with the aim of raising up to 5 billion yen.

     The banks will first draft their own separate plans for drawing more tourists and then start working together on specific projects as early as next spring. The fund is considering investing in or lending to accommodation facilities, transportation service providers and local industries.

(Nikkei)

Hospitality business: Japan state fund teaming up with Kyushu banks on tourism