Summary of Proposed Investment
Project Number
11693
Company Name
SOCIETE MALIENNE DE PROMOTION HOTELIERE
Date SPI Disclosed
Jan 10, 2003
Country
Mali
Industry
Tourism, Retail and Property
Projected Board Date
Feb 14, 2003
Status
Active
Sector
City and Business Hotel
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Apr 1, 2003
Signed : Jun 11, 2003
Invested : Sep 15, 2003
Project Description
The project involves a major renovation of Grand Hotel (GH), a successful 3-star, 91-room business hotel in Bamako, Mali, owned and operated by SMPH. The hotel was established with IFC''s financial support through a loan granted in 1994 to help renovate the then newly privatized 74-room facility. The proposed renovation of GH is critical in maintaining and increasing its competitiveness. The colonial-style low rise facility (three floors) built in 1953, has not been refurbished since 1994. It now needs a profound renovation and uplifting into a modern and international standard business hotel.
IFC''s objectives are two-fold. The proposed investment would:
The developmental impact includes:
- consolidating and maintaining quality standard business accommodation facilities, thereby improving the overall attractiveness of the Bamako destination;
- revitalizing the urban architecture and cultural heritage of the town, through the renovation of the GH building which dates back to the colonial days and which was recently classified as an ancient monument;
- saving and maintaining about 74 jobs, in a country with high unemployment; and
- enabling the state to continue collection of fiscal revenues to the tune of CFAF250 million ($0.35 million) per year.
IFC''s objectives are two-fold. The proposed investment would:
- confirm IFC''s support to local businesses in the development of tourism infrastructure in Mali, thereby improving the country image among potential investors; and
- supplement a regional "Banque Ouest Africaine de Développement" (BOAD) financing, thereby providing scarce long-term resources devoted to development.
The developmental impact includes:
- consolidating and maintaining quality standard business accommodation facilities, thereby improving the overall attractiveness of the Bamako destination;
- revitalizing the urban architecture and cultural heritage of the town, through the renovation of the GH building which dates back to the colonial days and which was recently classified as an ancient monument;
- saving and maintaining about 74 jobs, in a country with high unemployment; and
- enabling the state to continue collection of fiscal revenues to the tune of CFAF250 million ($0.35 million) per year.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
SMPH SA
B.P. 104 Bamako, Mali
Phone: (223) 222 24 92
Fax: (223) 223 89 59
B.P. 104 Bamako, Mali
Phone: (223) 222 24 92
Fax: (223) 223 89 59