Summary of Proposed Investment
Project Number
10295
Company Name
Michelangelo Executive Lodge Limited
Date SPI Disclosed
Sep 21, 2000
Country
Zambia
Industry
Tourism, Retail and Property
Projected Board Date
Oct 23, 2000
Status
Completed
Sector
Resort Hotel (Including Lodges)
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 12, 2001
Signed : Aug 3, 2001
Invested : Nov 30, 2001
Project Description
VG Limited is a large construction and trading company based in Ndola. The company is a family company which has been in the construction business for the last 37 years. In addition to construction, the company is involved in provision of rented accommodation to tourists and business persons, interior design, potteries and other miscellaneous trading activities. The project will have the following developmental impacts: (1) expansion of a vital support sector which is an essential element of industrial development in the Copperbelt; (2) increased competition in an area with only one international standard hotel; (3) creation of 30 new jobs. The jobs created will have a direct positive impact on the life of at least 300 people. The IFC investment is consistent with the World Bank Group''s strategy for Zambia, as it relates to the promotion of private sector growth and participation in sectors of the economy which were previously under government control inorder to increase competition, capacity and efficiency. IFC''s loan support will have a positive impact on the Zambian economy and is critical in completing the financing plan in a country with very little long term finance. The IFC investment will also have a demonstration effect and more international organizations will feel more comfortable in investing in Zambia''s SME sector.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Plot 126 Broadway Road, Ndola, Zambia. Tel: 260 2 620326, Fax: 260 2 620325