24534 - Sans Souci Ports, S.A.

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Summary of Proposed Investment

Project Number

24534

Company Name

Sans Souci Ports S A

Date SPI Disclosed

Aug 25, 2006

Country

Dominican Republic

Industry

Infrastructure

Projected Board Date

Oct 2, 2006

Status

Completed

Sector

Port and Harbor Operations

Department

Regional Industry INF LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Nov 16, 2006
Signed : Nov 22, 2006
Invested : May 10, 2007

Project Description

Sans Soucí Ports, S.A. (SSP or the company) is executing a 40-year build-operate-transfer concession to expand and operate the Sans Soucí and Don Diego cruise ship terminals in Santo Domingo, the capital city of the Dominican Republic. The project is to help correct infrastructure and river management problems that historically plagued the cruise industry in Santo Domingo. The project would:

- rehabilitate and renovate the existing infrastructure at the Terminals,
- manage pollution issues currently affecting the Ozama River basin, and
- upgrade the navigational channel, including navigational aids and turning basin.

This would enable SSP to provide the infrastructure needed to handle today’s cruise ships and provide the level of service expected by cruise operators and passengers.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	21.0
Equity

Development Impact

The project is expected to revitalize the Santo Domingo waterfront and produce a significant development impact for the city and the Dominican Republic. The reintroduction of the cruise industry to Santo Domingo will support the city’s long-term economic growth and the Dominican Republic’s efforts to develop its tourism industry. Efficient management of the Terminals will attract cruise lines to call at Santo Domingo and bring in significant numbers of cruise passengers. The influx of passengers will generate tourism revenues for the city and help develop and support local businesses serving the tourist market. Through its payment of Concession charges and taxes, the company will also provide funds for the development and maintenance of the city’s historic sites. Finally, the project will ensure environmentally sound management practices at the Terminals and introduce and maintain waste management practices to clean up the Ozama River basin. This will create a more attractive waterfront for all users.

The proposed financing fits with the IFC strategy as it supports a project that would help promote tourism, an area in which the Dominican Republic has a competitive advantage and one of the country’s few hard currency earning sectors. The project would help develop the cruise industry in Santo Domingo and has significant linkages with local retail and tourist businesses. IFC will be providing long-term financing necessary for a concession-based project at a reasonable cost to local sponsors. The sponsors invited IFC to the project because of their positive experience working with IFC in the Domicem project first committed by IFC’s General Manufacturing Department in 2003. The project’s success will also encourage foreign investments and further private sector participation in other infrastructure sectors.

This is a category B project because a limited number of specific environmental impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Environmental issues associated with this prospective investment include:

- Environmental, health and safety assessment and management;
- Dredging and dredge spoil disposal;
- Construction impacts;
- Operational pollution control and waste management, including river pollution remediation;
- Ship support operations (such as sewage disposal, bilge waste effluent disposal, and fueling services);
- Emergency preparedness and response; and
- Employee health and safety (including training).

SSP is developing plans to address these issues and to demonstrate that the proposed project will, upon implementation of the specific measures described below, comply with applicable Dominican laws and regulations, MARPOL requirements, and IFC environmental and social policies.

Contacts

For Inquiries About the Project, Contact

Ayuntamiento Distrito Nacional
Centro de los Heroes NO. 1, Frente al Congreso.
Telephone: 809-535-1181

Ayuntamiento Santo Domingo Oeste
Av. los Beisbolistas NO. 134, Manoguayabo
Telephone: 809-561-2020

Osvaldo Oller, Director, Sans Soucí Ports
Av. Abraham Lincoln #1003
Torre Profesional Biltmore I, quito piso, Suite 501
Santo Domingo, Dominican Republic
Telephone: 809 472-3172
Fax: 809-472-2274

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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