107 entrepreneurs have applied to the Israeli Ministry of Tourism with a request to open new hotels

Israel’s tourism ministry said on Thursday it had received 107 applications for grants to build new hotels or expand existing ones.

The ministry received 70 applications for building permits, 22 applications for building restoration and 15 applications from companies to implement existing building permits, the ministry said in a statement. This year’s grant budget was 165 million shekels ($50 million), according to the ministry.

Investors are optimistic about the country’s tourism industry recovering from the global COVID-19 pandemic, the ministry said in a statement.

According to the ministry, the coronavirus crisis has disrupted the growing pace of tourism, which peaked in 2019 with more than 4.5 million people visiting the country. The industry’s annual contribution to the national economy in 2019 was about 40 billion shekels ($12 billion), according to the ministry.

“The Israeli Ministry of Tourism continues to make great efforts to increase the incoming tourist flow to Israel and reduce the time required to build hotels. This will replenish the state treasury with billions of shekels,” said Israeli Tourism Minister Yoel Razvozov.

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