Malia Invest is a wholly owned company of Malia Holding (‘Sponsor’ or ‘Malia’ or ‘Group’).  A repeat client of IFC, Malia Invest is active in the hospitality sector in Iraq, owning two hotels in Erbil, Iraq and the proposed Project in Sulaymaniyah, Iraq.  Malia Holding, established in 1986 in Beirut, Lebanon, is a diversified conglomerate in Lebanon covering 8 business streams including Industries, FMCG Manufacturing and Distribution, Pharmaceuticals, Technology & Management Solutions, Fashion, Engineering & Contracting, and Hospitality and Real Estate encompassing 27 companies.

Total Project cost is US$26.5 mn, where US$17.5 mn (66% of total Project cost) will be equity contribution by the Group.    IFC is proposed to extend an A loan of up to US$9 mn to the Company to support the Project.                                               

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as the E&S impacts are mostly site specific and localized and can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria and adequately managed through the implementation of a project specific Environmental and Social Management Plan. As all civil and mechanical works have been completed, the construction and labour related impacts are minimal at this stage of the project.

Specific key environmental and social issues reviewed include: i) project sponsor’s corporate environmental and social management capacity to operate in a manner consistent with IFC Performance Standards; ii) environmental and occupational safety aspects typically associated with operations of restaurants, food courts and mixed retail outlets; iii) efficient use of energy and water resource in operational phase; iv) structural, life and fire safety (LFS) conditions of the project; v) solid waste management, vi) wastewater treatment and disposal, (vii) tenants and visitors health and safety issues such as potable water and emergency response; and (viii) refrigerant selection.