PROJECT

Projects

Summary of Investment Information

Project Number

38482

Company Name

BENGAL HOTELS AND RESORTS LIMITED

Date SPI Disclosed

Apr 10, 2017

Country

Bangladesh

Region

South Asia

Projected Board Date

May 15, 2017

Environmental Category

B - Limited

Status

Active

Last Updated Date

Nov 2, 2023

Department

Regional Industry - MAS Asia & Pac

Industry

Tourism, Retail and Property

Previous Events

Approved : May 26, 2017
Signed : Aug 30, 2017
Invested : Oct 24, 2023

Sector

City and Business Hotel

Project Description

The proposed transaction is an A loan in Bengal Hotel and Resorts Limited (BHRL or the Company). BHRL has undertaken to develop a greenfield, 350 room business hotel property (the Project) in Dhaka, Bangladesh, to be operated by Swissotel Management GMBH (the Operator) under its Swissotel brand. IFC will invest up to US$18 million in long term debt and will mobilize up to US$18 million as parallel loan from another multilateral. The proceeds of the IFC loan will be used to fund the construction of the hotel.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation