27348 - Coco Ocean

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Summary of Proposed Investment

Project Number

27348

Company Name

COCONUT COMPANY LIMITED

Date SPI Disclosed

Sep 24, 2008

Country

Gambia, The

Industry

Tourism, Retail and Property

Projected Board Date

Oct 24, 2008

Status

Active

Sector

Resort Hotel (Including Lodges)

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Dec 9, 2008
Signed : Dec 12, 2008
Invested : May 8, 2009

Project Description

The proposed greenfield project involves the construction and operation of a new five star hotel, the Coco Ocean Resort & Spa, to be located on Bijilo beach near Banjul in The Gambia. The new hotel will include about 98 suites, 3 Restaurants, Spa and a 250 person Conference room (“Coco Ocean” or the “Project”). The project will be owned and operated by the Coconut Limited Company which already owns and operates an existing hotel operation in the Gambia, the Coconut Residence Company.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.19
Equity

Development Impact

Further development of a tourism infrastructure that will support an expanding industry: The hotel will cater to the growing demand for up market accommodation in The Gambia attracting tourists with higher purchasing power parity versus the current low paying package tourists that dominate the Gambian tourist market. As a result, Coco Ocean will encourage increased business in tourism related activities in the country. The project is also expected to improve the country’s image and competitiveness as a domestic and regional tourist hub in the quality segment.

Demonstration effect: The success of this project will set a good example for other local investors and hotel developers and will help attract additional foreign investment into the Gambian tourism sector. IFC’s provision of a long term loan to the Project will demonstrate that profitable and well structured projects justify longer tenors in The Gambia.

Job creation: The project will create around 200 to 220 new direct and permanent jobs as well as employ additional temporary labor during the construction phase. Indirect employment along the supply chain will be created as well as new linkages with the rest of the economy through the purchase of building materials, operating supplies and services from local suppliers. As a result the Project will contribute to the development of the local communities.

Climate Change: The key heating system for the project is based on solar power which will heat 8 of 9 pools and will supply all of the resort’s hot water. The solar heating system will substantially reduce the consumption of electricity from the main grid and of fuel for the back up generators. Air conditioning use will be reduced by building designs that include extended eaves to prevent room heating by direct sunlight and improve air circulation through louvered windows.

Capacity building: the project will contribute to enhancing the local labor skills through extensive hotel training.

Development and support of a local sponsor: IFC’s investment in Coco Ocean will send an important signal to the market place about the capacity of the local market to absorb high-profile projects. If requested by the client, IFC could offer support to the local sponsors through specially designed programs to e.g. further develop the management capacity in the larger scale operation of the project, recruit internationally experienced staff or improve the linkages with local communities.

Introduction of IFC’s environmental, health and safety standards: IFC’s involvement in the project will ensure that the Project adheres to higher environmental, social and fire & life safety standards.

IFC’s global business and sectoral knowledge: the Project will benefit from IFC’s global sector expertise.
Long-term financing: IFC will provide necessary long-term financing which is not available in the local financial markets.

The key social and environmental issues associated with this project are worker health and safety; wastewater treatment; and fire and life safety. The project itself will have a limited impact on the surrounding semi-urban environment. The additional measures requested following the IFC review will use known and accepted procedures and technologies to avoid or mitigate social and environmental impacts. Thus, this project is a category B under IFC’s Environmental and Social Review Procedures.

Contacts

For Inquiries About the Project, Contact

Sponsors:

Mr. Farid Bensouda and Mr. Walter Loehn

The Coconut Residence, Kerr Serign
PO Box 3168 Serrekunda – The Gambia
Tel: 00220 446 33 77
Fax: 00220 446 1835

For Inquiries and Comments About IFC, Contact

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

Local Access of Project Documentation

Environmental documentation will be made available at the following location:

The Coconut Residence
P.O. Box 3168
Serrekunda - The Gambia.

Contact Person: Farid Bensouda in his function as the director and owner of the Coco Ocean Hotel.

The ESRS/SPI can be viewed at the main entrance of the project site.

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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