29410 - Crane

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Summary of Proposed Investment

Project Number

29410

Company Name

Millennium Investments Limited

Date SPI Disclosed

Apr 22, 2010

Country

Barbados

Industry

Tourism, Retail and Property

Projected Board Date

May 25, 2010

Status

Completed

Sector

Resort Hotel (Including Lodges)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Jun 15, 2010
Signed : Dec 29, 2010
Invested : Jan 25, 2011

Project Description

The project is a planned expansion by Millennium Investments Ltd. (the “Company” or “Millennium”), a vertically integrated operator and owner of The Crane Resort, situated on 38 acres in St. Philip, Barbados. The business model at Millennium is to (i) construct residential units in Barbados and sell the ownership in fractions to end-users and (ii) to operate the completed rooms as a resort management company. The proposed project is to (i) continue construction at the Company’s existing site, (ii) commence construction at a site owned by the Company and (iii) to acquire new land for continued growth.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity	3.0

Development Impact

IFC is expected to perform the following roles: (i) provide and catalyze long-term financing to support the Company during difficult credit markets; (ii) help to promote the development of the tourism and construction industries in Barbados; (iii) share IFC''s tourism industry knowledge and network with the Company; and (iv) partner at a crucial stage of the Company''s growth (e.g. the completion of its flagship resort).
The proposed Project will help the largest employer in Barbados’ east coast to expand its operations. The following key development impacts are expected for the Project:
Employment: By expanding its construction and room operations, both temporary and permanent employment will increase.
Rural economic development: St Philip is on the relatively undeveloped east coast of Barbados. The Company is the largest single employer in the area and its expansion will increase both direct and indirect employment.
Environmental standards setting: The proposed Project would include the implementation of IFC’s performance standards in the environment and social benchmarks for tourism projects.

This is a Category B project according to IFC’s Environmental and Social Review Procedure due to the site-specific and limited number of environmental and social impacts that may occur and which can be avoided or mitigated by adhering to generally recognized performance standards, procedures, guidelines or design criteria.

The ongoing expansion of The Crane is a development that according to Barbadian law does not require an Environmental Impact Assessment. It is ongoing on land owned by the Company for many years, and has low environmental impact.
The new development at Whitehaven is planned on what is currently animal grazing land that was acquired on a willing buyer, willing seller basis from the previous owner and which will impose only readily mitigable environmental impacts. These impacts will be reviewed by environmental and social impact assessment at an appropriate stage of the project development cycle, and management plans developed accordingly.

Contacts

For Inquiries About the Project, Contact

c/o
Tristan Blades
The Crane
St Philip,
BB18079
Barbados, West Indies
Telephone: +1 246-423-6220

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
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Local Access of Project Documentation

The Crane
St Philip,
BB18079
Barbados, West Indies
Telephone: +1 246-423-6220

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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