DUSHANBE, May 7, 2009, Asia-Plus — IFC, a member of the World Bank Group, is lending $7 million to Tourism Promotion Services Tajikistan to help finance the construction of the Dushanbe Serena Hotel, which would creating 135 local jobs and generate $1 million in annual taxes for the government, press release issued by the IFC Dushanbe Office said.
Dushanbe Serena Hotel will be the second hotel in Dushanbe providing international-standard accommodation. It initially will have 85 guest rooms, 10 apartments, and 1,600 square meters of office and retail space. The IFC investment will help support business-enabling infrastructure in the capital. The hotel is planning an extensive training program of the local staff, to continue raising its standards on an on-going basis.
One of the government’s key priorities is the development of hotels in order to enhance the business environment and tourist industry in Tajikistan. Since 1997, the number of foreign tourist visits has risen steadily from 700 to more than 62,000 in 2007. This positive trend is expected to continue.
“IFC’s role in the project reflects its commitment to developing and supporting the rehabilitation of Tajikistan’s basic business infrastructure,” said Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia.
Tourism Promotion Services is a subsidiary of the Aga Khan Fund for Economic Development (AKFED), which has a solid reputation and extensive experience working in tourism in Africa and Asia. This is IFC’s fifth investment in Tourism Promotion Services. The project will continue to strengthen the ongoing relationship.
Aziz Boolani, Tourism Promotion Services’ Chief Executive Officer for the Asian region, said, “IFC is providing long-term financing, as well as comfort and assistance to Tourism Promotion Services as it implements its first city hotel project in Tajikistan.”
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. It fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC’s new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year.
