50.08 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.08
Equity

* These investment figures are indicative

The most significant, expected Project-level outcome is derived from economy-wide effects by (i) preserving jobs at existing properties, (ii) restarting construction, which would result in the employment of hundreds of daily wage workers, as well as (iii) maintaining timely payments to suppliers including SMEs in the sector that is worst hit by the pandemic. The proposed investment will also (iv) promote greater market resilience in the tourism sector by demonstrating to other players that mixed-use developments create cross-demand and allow for more flexibility as the long-term nature of commercial lease contracts cushion volatility and seasonality of hospitality cash flows, altogether contributing to faster recovery from crises.

a. Financing Structure: IFC's additionality is demonstrated through its countercyclical role during crises, providing flexible and long-term financing to the Company at a time when commercial lending to the tourism sector has almost come to a standstill. In addition, IFC's loan will be used to renovate existing assets and prepare for the recovery as crisis abates. IFC's financing is also structured to accommodate the expected prolonged recovery of the tourism sector post-COVID. b. Knowledge, Innovation, and Capacity Building: Part of IFC's loan will be used to complete the construction of a commercial asset that will be EDGE (green)-certified. In addition, IFC has also engaged with the Company through its TechEmerge Sustainable Cooling Initiative. TechEmerge is an advisory program with an objective to accelerate the adoption of state-of-the-art cooling technologies, help reduce energy consumption and harmful GHG emissions, and drive commercial contract among providers of sustainable cooling solutions and established corporates, across emerging markets. IFC's Gender Advisory will also conduct a Gender Workforce Diagnostic through its Women's Employment Program to increase the number of women employed at Chalet's hotels. c. Standard Setting: IFC will provide support the Company to implement and maintain compliance with the IFC's Performance Standards on Environmental and Social (E&S) Sustainability. At present Chalet does not have a comprehensive E&S Management System in place. IFC will help Chalet to design and implement a robust ESMS in line with IFC's Performance Standards.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.