Summary of Proposed Investment
Project Number
8299
Company Name
Ivy League Developments T/A Ufulu Gardens
Date SPI Disclosed
Jul 31, 1997
Country
Malawi
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Sep 15, 1997
Signed : Jan 27, 1998
Invested : Sep 21, 1998
Project Description
REVISED SUMMARY OF PROJECT INFORMATION
Project Name Malawi-Ivy League Developments Limited t/a Ufulu Gardens
Region Sub Saharan Africa
Sector Tourism
Project No. 008299
Projected Board Date October 15, 1997
Company Name Ivy League Developments Ltd.
Technical Partner and/or Major Shareholders: The company is owned 60% by Victor Gondwe and 10% each by his wife, Ivy Gondwe, and 3 children. The Gondwe’s are Malawian citizens. They returned to Malawi in August 1996 after spending 20 years in the United States where Mr. Gondwe worked as a computer programmer with Boeing Corp and Seattle Times and Mrs. Gondwe worked for Port of Seattle.
Project Cost Including Proposed IFC Investment: The project is estimated to cost US$900,000 million and IFC has been requested to provide a loan of US$307,000.
Location of Project and Description of Site: The project is located in Area 43, one of Lilongwe''s premier residential and diplomatic suburbs. The site area is 7 acres.
Description of Company and Purpose of Project: The company was set up to develop a short to medium stay residential complex consisting of 17 one, two and three bedroom bungalows. The site will also have a 3 hole pitch and put course, swimming pool, two tennis courts, a jogging trail and a small artificial lake. The development aims at attracting guests seeking better facilities than are available at Lilongwe''s hotels for medium term stays.
Expected Development Impact: The diplomatic community; donor agencies; NGO''s and the foreign business community in Lilongwe has been growing and demand for high quality housing for both long and medium term stays is not met. This project will improve the stock of medium stay accommodation. The project will encourage foreign families to arrive in Lilongwe together, while they search for more permanent housing. The project will be capable of earning foreign exchange from many of its guests. It will employ about 26 people.
Environmental Category and Issues: This is a category B project according to IFC''s environmental review procedure. Environmental, health and safety issues associated with this project include impact of construction on existing vegetation; disposal of liquid and solid wastes, including sewage; source of power and water supply; staff infrastructure. Mitigative measures will include; CFC-free refrigeration and air conditioning; employee training and general safety; and emergency response preparedness and fire protection. The Environmental Review Summary is available from the Public Information Center.
Date SPI sent to PIC: June 3, 1997
Revised: July 31, 1997
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-0365.
L:\CAF\AEF\MAL\UFULUSPI.DOC
July 30, 1997 2:50 PM
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 Malawi-Ivy League Developments Limited t/a Ufulu Gardens
Region Sub Saharan Africa
Sector Tourism
Project No. 008299
Projected Board Date October 15, 1997
Company Name Ivy League Developments Ltd.
Technical Partner and/or Major Shareholders: The company is owned 60% by Victor Gondwe and 10% each by his wife, Ivy Gondwe, and 3 children. The Gondwe’s are Malawian citizens. They returned to Malawi in August 1996 after spending 20 years in the United States where Mr. Gondwe worked as a computer programmer with Boeing Corp and Seattle Times and Mrs. Gondwe worked for Port of Seattle.
Project Cost Including Proposed IFC Investment: The project is estimated to cost US$900,000 million and IFC has been requested to provide a loan of US$307,000.
Location of Project and Description of Site: The project is located in Area 43, one of Lilongwe''s premier residential and diplomatic suburbs. The site area is 7 acres.
Description of Company and Purpose of Project: The company was set up to develop a short to medium stay residential complex consisting of 17 one, two and three bedroom bungalows. The site will also have a 3 hole pitch and put course, swimming pool, two tennis courts, a jogging trail and a small artificial lake. The development aims at attracting guests seeking better facilities than are available at Lilongwe''s hotels for medium term stays.
Expected Development Impact: The diplomatic community; donor agencies; NGO''s and the foreign business community in Lilongwe has been growing and demand for high quality housing for both long and medium term stays is not met. This project will improve the stock of medium stay accommodation. The project will encourage foreign families to arrive in Lilongwe together, while they search for more permanent housing. The project will be capable of earning foreign exchange from many of its guests. It will employ about 26 people.
Environmental Category and Issues: This is a category B project according to IFC''s environmental review procedure. Environmental, health and safety issues associated with this project include impact of construction on existing vegetation; disposal of liquid and solid wastes, including sewage; source of power and water supply; staff infrastructure. Mitigative measures will include; CFC-free refrigeration and air conditioning; employee training and general safety; and emergency response preparedness and fire protection. The Environmental Review Summary is available from the Public Information Center.
Date SPI sent to PIC: June 3, 1997
Revised: July 31, 1997
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-0365.
L:\CAF\AEF\MAL\UFULUSPI.DOC
July 30, 1997 2:50 PM
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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