IFC to fund USD 50 mn to Shangri-La for resort in Maldives

Tuesday, 3 March 2009 08:27

World Bank arm IFC will provide USD 50-million fund to Shangri-La Asia Ltd for construction of a 142-room resort hotel in southern Maldives."We are pleased to have IFC as a co-investor in our first investment in Maldives," Shangri-La Asia Executive Director and CFO Madhu Rao said in a statement today.

IFC will provide USD 50 million in long-term financing to help the company construct the high-end hotel on Villingili Island in Addu Atoll, about 400 kilometers from the capital city Male."The investment will strengthen local economy by directly creating over 300 jobs and indirectly facilitating generation of 2,000 jobs during the construction of the resort,"the statement said.

Tourism accounts for about 70 per cent of economic activity in Maldives. But tourism development is largely concentrated around Male, in the north of the country. IFC Director for Global Manufacturing and Services Dimitris Tsitsiragos said the project will generate significant employment and help boost the commercial infrastructure necessary for increased business activity.

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