PROJECT

Projects

Environmental Review Summary

Project Number

24132

Company Name

INTERNATIONAL FINANCE CORPORATION

Date ERS Disclosed

Jan 28, 2005

Country

Southeast Asia Subregion

Region

East Asia and the Pacific

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Apr 6, 2005
Invested : Jun 2, 2005

Sector

Resort Hotel (Including Lodges)

Industry

other

Department

Gbl Ind, Manufact, Agribus & Services

Project Description

The proposed $150 million project is to establish a Tourism Loan Facility to support tourism companies severely affected by the recent tsunami disaster in South and Southeast Asia. The Loan Facility will finance: - the reconstruction/rehabilitation of tourism properties damaged by the tsunamis; - the increased working capital requirements of tourism companies due to slowdown in demand in the region; - the acquisition, by long-term strategic investors of hotels and other lodging properties that have suffered damages and face uncertain market prospects as a result of the tsunamis; and - the debt restructuring of tourism companies facing financial difficulties due to damaged property and/or slow-down in demand.

Environmental and Social

Conclusion & Monitoring