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Haiti - Tourism : IFC announces $26,5MM financing for the Marriott
This funding will be one of the few sizable direct foreign investments in Haiti since the 2010 earthquake and will create jobs, generate business opportunities for small and midsize enterprises, promote sustainable growth in the tourism industry, and contribute to the reconstruction of essential business infrastructure destroyed by the earthquake.
To do this, IFC is syndicating the loan with FMO, the Dutch development bank. The 175-room Marriott hotel will create about 300 jobs during construction and more than 200 permanent jobs during operations. It will support additional indirect jobs by sourcing building materials, food, beverages, transport and other services from local businesses.
Digicel Limited, a long-time investor in Haiti, is the sponsor of Turgeau Developments S.A., a special purpose company established for this project. The hotel is expected to open in 2015 and will offer a complete package of services and amenities.
"The Marriott brand is synonymous with high quality hospitality," said Colm Delves, Digicel CEO, "We are glad to help bring this flagship company to Haiti and support the tourism sector, which is one of the government’s priorities. [...]"
The new hotel will be operated in compliance with Marriott’s sustainability criteria and has been designed to promote energy efficiency, life and fire safety, and structural safety.
"Haiti has the fundamental conditions for sustainable economic growth, including a competitive workforce, proximity to major markets, and unique cultural and tourist attractions," said Ary Naim, IFC Representative for Haiti. "With our long-term financing support for this new and important piece of business infrastructure, we are confirming our commitment and confidence in Haiti’s future."
Learn more about IFC in Haiti :
IFC’s portfolio in Haiti amounts to $78.5 million, including $25.25 million mobilized from other partners. We operate in sectors such as hospitality, energy, financial markets, and manufacturing. Through our advisory programs with the private sector and government we support access to finance, public-private partnerships, improvements to Haiti’s investment climate, and programs that make small and medium-sized enterprises more productive. Our strategy focuses on creating jobs, access to basic infrastructure, and income opportunities for Haitians.
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.
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