Summary of Proposed Investment
Project Number
4726
Company Name
Zambezi Safari Lodges
Date SPI Disclosed
Apr 28, 1995
Country
Zimbabwe
Industry
Tourism, Retail and Property
Status
Completed
Sector
Resort Hotel (Including Lodges)
Department
Regional Industry - MAS Africa
Environmental Category
A - Significant
Previous Events
Approved : Sep 10, 1995
Signed : Mar 22, 1996
Invested : Apr 24, 1996
Project Description
SUMMARY OF PROJECT INFORMATION
Project Name Zimbabwe, Zambezi Safari Lodges (Pvt) Limited
Region: Sub-Saharan Africa
Sector: Tourism
Project No.: 004726
Company Name: Zambezi Safari Lodges (Pvt) Ltd. (ZSL)
Location of project
and Description of site: The Matetsi Concession, where ZSL will construct two luxury lodges is situated about 40 km from the resort town of Victoria Falls.
Projected Approval Date: June 30, 1995
Description of Company and Purpose of Project: ZSL intends to construct two luxury lodges in the Matetsi Concession which is owned by the Department of National Parks and Wild Life Management (DNPWLM). One lodge, the river lodge, will be constructed along the Zambezi river, and the other, the vlei lodge, will be constructed in the concession''s hinterland. A central hub will house the reception area and handle arrivals and departures.
Technical Partner and/or Major Shareholders: The project is jointly sponsored by Rainbow Tourism Investment Company (Pvt) Ltd (Rainbow) and Conservation Corporation Zimbabwe (Pvt) Ltd (CCZ). Rainbow is a wholly government owned company which owns and operates a number of hotels in Harare and Victoria Falls. It also operates a tour company in a joint venture with a Mauritian company. CCZ is equally owned by Chizim Investments (Pvt) Ltd, a tourism and fishing company wholly-owned by the Chihota family, and Conservation Corporation Limited of South Africa. Conscor is regarded as a leader in eco-tourism in South Africa. CCZ will manage the ZSL lodges on a management agreement.
Project Cost including proposed IFC investment:
Project cost: US$4 million
IFC Investment: Loan: US$800,000
Equity: US$200,000
Environmental Categories and Issues: This is a category A project according to IFC''s environmental review procedure. Accordingly ZSL was required to conduct a detailed Environmental Assessment (EA) of the proposed project. Key environmental issues associated with this project include site selection, impacts on sensitive ecosystems and wildlife, water supply, waste disposal,
sewage disposal, power supply, impacts associated with secondary development, and fire protection. The sponsors have submitted several drafts of the EA to IFC, and the document is now undergoing finalization and will be released to the PIC and made publicly available in country at the offices of the Department of National Parks and Wild Life Management (DNPWLM) and Ministry of Environment and Tourism (MET) in both Victoria Falls and Harare. The project is expected to comply with all requirements of the DNPWLM and, once the EA is finalized, it will be submitted to MET for review.
Date SPI sent to PIC April 28, 1995
For additional Information contact: Corporate Relations Unit
Telephone: (202) 473-7711
Facsimile: (202) 676-0365
L:\zimbabwe\matetsi\zsl.spi
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Project Name Zimbabwe, Zambezi Safari Lodges (Pvt) Limited
Region: Sub-Saharan Africa
Sector: Tourism
Project No.: 004726
Company Name: Zambezi Safari Lodges (Pvt) Ltd. (ZSL)
Location of project
and Description of site: The Matetsi Concession, where ZSL will construct two luxury lodges is situated about 40 km from the resort town of Victoria Falls.
Projected Approval Date: June 30, 1995
Description of Company and Purpose of Project: ZSL intends to construct two luxury lodges in the Matetsi Concession which is owned by the Department of National Parks and Wild Life Management (DNPWLM). One lodge, the river lodge, will be constructed along the Zambezi river, and the other, the vlei lodge, will be constructed in the concession''s hinterland. A central hub will house the reception area and handle arrivals and departures.
Technical Partner and/or Major Shareholders: The project is jointly sponsored by Rainbow Tourism Investment Company (Pvt) Ltd (Rainbow) and Conservation Corporation Zimbabwe (Pvt) Ltd (CCZ). Rainbow is a wholly government owned company which owns and operates a number of hotels in Harare and Victoria Falls. It also operates a tour company in a joint venture with a Mauritian company. CCZ is equally owned by Chizim Investments (Pvt) Ltd, a tourism and fishing company wholly-owned by the Chihota family, and Conservation Corporation Limited of South Africa. Conscor is regarded as a leader in eco-tourism in South Africa. CCZ will manage the ZSL lodges on a management agreement.
Project Cost including proposed IFC investment:
Project cost: US$4 million
IFC Investment: Loan: US$800,000
Equity: US$200,000
Environmental Categories and Issues: This is a category A project according to IFC''s environmental review procedure. Accordingly ZSL was required to conduct a detailed Environmental Assessment (EA) of the proposed project. Key environmental issues associated with this project include site selection, impacts on sensitive ecosystems and wildlife, water supply, waste disposal,
sewage disposal, power supply, impacts associated with secondary development, and fire protection. The sponsors have submitted several drafts of the EA to IFC, and the document is now undergoing finalization and will be released to the PIC and made publicly available in country at the offices of the Department of National Parks and Wild Life Management (DNPWLM) and Ministry of Environment and Tourism (MET) in both Victoria Falls and Harare. The project is expected to comply with all requirements of the DNPWLM and, once the EA is finalized, it will be submitted to MET for review.
Date SPI sent to PIC April 28, 1995
For additional Information contact: Corporate Relations Unit
Telephone: (202) 473-7711
Facsimile: (202) 676-0365
L:\zimbabwe\matetsi\zsl.spi
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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