About Tourism Finance Corporation
Background
Tourism Finance Corporation (TFC) is a corporate body established in 1965 through an Act of Parliament, Cap 382 of the Laws of Kenya. The Corporation is a specialized Development Financial Institution (DFI) with the mandate of facilitating and providing affordable development funding and advisory services for long-term investment in Kenya’s tourism industry.
In line with our mission to provide customer focused financial solutions that drive tourism sector development and socioeconomic growth we are among the leading Development Financial Institution (DFI) providing affordable and accessible financial facilities and advisory services to the Tourism Industry.
Our Scope
The Corporation provides funding for:
- Development of Hotels
- Non-Conventional Tourism Projects such as Small And Medium Enterprise
- Restaurants
- Renewable Energy Projects
- Health Spas
- Entertainment Centers
- Shopping Malls
- Multiplexes
- Any other Innovative Tourist Products
Strategic Direction
TFC’s focus is on expanding the productive capacity of the industry, improving returns from existing investments and attracting new capital investment.
Largely, it will achieve this overarching goal by:
- Identifying and pursuing opportunities that create increased demand.
- Promoting diversification of the tourism industry by opening up new regions, fostering investments in new products, addressing seasonality and driving value over volume
- Supporting enterprises in ways that continually improve their productivity, profitability and returns. Most of all the aim at driving additional value through the provision of an outstanding visitor experience. In terms of increasing productivity in the tourism sector, TFC will achieve this by either supporting players to:
- Provide more services with the same inputs, or
- Provide the same services with fewer inputs.
TFC is also charged with the mandate of providing financial assistance for the development of community based enterprises; and provision of consultancy/business advisory service to facilitate investments in hospitality industry.
Looking into the future
With the enactment of Tourism Act 2011, which broadened the Corporations mandate and capacity, attention has shifted to repositioning the organization to focus more on expanding the productive capacity of the industry, improving returns from existing investments and attracting new capital investment. These efforts will be done through financing the development of innovative products.
Vision 2030
The Vision 2030 is the Government’s long term blueprint to transform Kenya into a globally competitive and prosperous country with a high quality of life by the year 2030. The Vision is anchored on economic, social and political pillars and is expected to transform Kenya into a newly Industrializing middle income country that provides a high quality of life to all its citizens in a clean and secure environment.
Tourism industry has been earmarked to contribute towards achieving an average economic growth rate of 10% per annum and sustaining the same until 2030
Mission
Our mission is to provide customer focused financial solutions that drive tourism sector development and socio-economic growth
Vision
Our vision is to be the leading financial partner driving sustainable tourism development in Kenya.
Core Values
Values are integral part of an organization’s culture and create a sense of identity, belonging and purpose. During this planned period, the Corporation will be guided by the following core values:
- Professionalism – We demonstrate confidence, competence, knowledge and resourcefulness in all our operations
- Accountability and integrity – we do the right thing, take responsibility for our action and always adhere to the highest possible standards of conduct
- Customer focus – we ensure that the customer is at the core of all business decisions and activities and strive to offer solutions that meet and exceed their expectations
- Innovation – We are passionate about being an industry leader and continuously challenge existing practices while striving to find creative, new ways to consistently improve our customers
- Team work – We work openly and consultatively with each other, build productive and long-term relationships with customers and stakeholders to deliver unrivaled service.
