Summary of Proposed Investment
Project Number
10526
Company Name
Chingola Hotel
Date SPI Disclosed
Apr 5, 2001
Country
Zambia
Industry
Tourism, Retail and Property
Projected Board Date
May 10, 2001
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 24, 2001
Signed : Aug 16, 2001
Invested : Oct 24, 2001
Project Description
The project company is a new company formed to establish and run the proposed project. The new 40 room project will be Chingola''s first graded hotel and will cater for business and other visitors to Chingola, the center of Zambia''s copper mining activity. Currently most visitors to Chingola are staying in guesthouses in Kitwe, more than 70 km away. In addition to accommodation, the hotel will provide conference facilities, shop and office space which will be rented out.
The project will have the following developmental impacts: (1) form an essential part of the business infrastructure in the Copperbelt and provide important support for mining sector development in the Copperbelt; (2) create 100 new jobs which will improve the lives of over 1,000 people in and around Chingola.
IFC appraised the project and advised the sponsor on critical issues relating to design, marketing, competition, financial structuring, management and environmental issues. IFC will also help complete the financing of the project in a country with very little long term financing.
The project will have the following developmental impacts: (1) form an essential part of the business infrastructure in the Copperbelt and provide important support for mining sector development in the Copperbelt; (2) create 100 new jobs which will improve the lives of over 1,000 people in and around Chingola.
IFC appraised the project and advised the sponsor on critical issues relating to design, marketing, competition, financial structuring, management and environmental issues. IFC will also help complete the financing of the project in a country with very little long term financing.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mark O''Donnell
Odonnell@zamnet.zm
Odonnell@zamnet.zm