Summary of Proposed Investment
Project Number
5061
Company Name
VILLA SHIPPING & TRADING COMPANY PVT.LTD
Date SPI Disclosed
May 26, 1995
Country
Maldives
Industry
Tourism, Retail and Property
Status
Completed
Sector
Resort Hotel (Including Lodges)
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
A - Significant
Previous Events
Approved : Sep 14, 1995
Signed : Oct 2, 1995
Invested : Jun 18, 1997
Project Description
SUMMARY OF PROJECT INFORMATION
Project Name Maldives-Villa Shipping & Trading Co. Pte. Ltd.
Region Asia
Sector Tourism
Project No 005061
Projected Board Date June 29, 1995
Company Name Villa Shipping & Trading Co. Pte. Ltd
Technical Partner and/or Major Shareholders
The Company is wholly owned by Mr. Qasim Ibrahim, a leading local businessman engaged in tourism, shipping, trading, contracting and marine transfers. LTI International Hotels, Germany, will provide technical and marketing assistance to the resort.
Description of Location
Nalaguraidhoo (Sun Island), a 50 hectare island located 110 km south west of Male'' on the southern tip of Ari Atoll in the Maldives.
Project Cost and Proposed IFC Investment
US$21 million (under review). An IFC Loan of US$6 million is proposed.
Description of Company and Purpose of Project
The Company already operates three island resorts in the Maldives with a total of 382 rooms. The project is to construct a fourth resort on Sun Island leased by the Government to the company for this purpose in October 1993 for 21 years. Tourism is a key sector in the Maldivian economy catering to the growing tourist traffic from Europe, East Asia and the Pacific region. This will be IFC''s first investment in the Maldives.
Environmental Category and Issues
This is a Category A project according to IFC''s environmental review procedure. Environmental, health and safety issues associated with this project include site selection, protection of coastal resources, liquid effluent, solid wastes, land use, fire protection and life safety. The Sponsor has prepared a detailed Environmental Assessment (EA). The Sun Island resort will be one of the first resorts to operate an advanced secondary treatment facility. Solid waste will be disposed of via composting and a high temperature incinerator. Provisions for fire and safety will be in accordance with World Bank guidelines. Villa Shipping & Trading Company''s diving school rigorously follows a reef diving code which includes strict policies to prevent damage to coral reefs.
The Environmental Assessment and EA Executive Summary are available from the Public Information Center.
Date SPI sent to PIC: May 26, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
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 Maldives-Villa Shipping & Trading Co. Pte. Ltd.
Region Asia
Sector Tourism
Project No 005061
Projected Board Date June 29, 1995
Company Name Villa Shipping & Trading Co. Pte. Ltd
Technical Partner and/or Major Shareholders
The Company is wholly owned by Mr. Qasim Ibrahim, a leading local businessman engaged in tourism, shipping, trading, contracting and marine transfers. LTI International Hotels, Germany, will provide technical and marketing assistance to the resort.
Description of Location
Nalaguraidhoo (Sun Island), a 50 hectare island located 110 km south west of Male'' on the southern tip of Ari Atoll in the Maldives.
Project Cost and Proposed IFC Investment
US$21 million (under review). An IFC Loan of US$6 million is proposed.
Description of Company and Purpose of Project
The Company already operates three island resorts in the Maldives with a total of 382 rooms. The project is to construct a fourth resort on Sun Island leased by the Government to the company for this purpose in October 1993 for 21 years. Tourism is a key sector in the Maldivian economy catering to the growing tourist traffic from Europe, East Asia and the Pacific region. This will be IFC''s first investment in the Maldives.
Environmental Category and Issues
This is a Category A project according to IFC''s environmental review procedure. Environmental, health and safety issues associated with this project include site selection, protection of coastal resources, liquid effluent, solid wastes, land use, fire protection and life safety. The Sponsor has prepared a detailed Environmental Assessment (EA). The Sun Island resort will be one of the first resorts to operate an advanced secondary treatment facility. Solid waste will be disposed of via composting and a high temperature incinerator. Provisions for fire and safety will be in accordance with World Bank guidelines. Villa Shipping & Trading Company''s diving school rigorously follows a reef diving code which includes strict policies to prevent damage to coral reefs.
The Environmental Assessment and EA Executive Summary are available from the Public Information Center.
Date SPI sent to PIC: May 26, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
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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