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.