PROJECT

Projects

Summary of Proposed Investment

Project Number

10034

Company Name

Royal Saly S.A.

Date SPI Disclosed

May 25, 2000

Country

Senegal

Industry

Tourism, Retail and Property

Projected Board Date

Jun 29, 2000

Status

Completed

Sector

Resort Hotel (Including Lodges)

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Jul 26, 2000
Signed : Feb 22, 2002
Invested : Nov 25, 2002

Project Description

Royal Saly would target the growing demand for beach hotels in Saly. The project will have a significant development impact as follows: (i) the project fits well the Government’s long term strategy to position Sénégal as the fifth African tourist destination by 2010 (current rank is tenth), with an accommodation capacity of 17,000 hotel rooms and 35,000 beds. Tourism is the second major source of income of the country. In 1999, the sector generated revenues of CFAF 101.4 billion (US$156 million). Royal Saly would contribute to achieve the ambitious government objective of attracting 1,300,000 foreign travellers by 2010; (ii) the project would generate substantial tax revenues; and (iii) the project would create 127 new jobs.

IFC''s involvement will ensure that the project cost is properly assessed and potential environmental issues are adequately addressed. Moreover, the proposed investment will provide the sponsors with the necessary funds to complete the financing plan in the absence of a specialized institution for tourism.

Sponsor / Cost / Location

Development Impact