INTERNATIONAL Finance Corporation (IFC) is giving Shangri-La Asia an US$80 million loan for its two existing projects in Myanmar.
The World Bank Group member’s loan will go towards Shangri-La’s Traders Hotel, Yangon, for the completion of renovation works, which will boost its capacity from 270 to 485 rooms. It will also fund the construction of the Shangri-La Residences Yangon, a 240-apartment building. Both projects are expected be completed this year.
An IFC press release says that the construction and opening of the two properties will create jobs for upwards of 1,000 local workers.
“At a time of growing economic interest in Myanmar, it is crucial to increase access to much needed business-enabling infrastructure to attract more investors and travellers, as well as helping place Myanmar on a par with other commercial hubs in the region,” said Vipul Prakash, IFC director for manufacturing, agribusiness and services, Asia Pacific region.
“The operation of international standard hotels and serviced apartments will help generate jobs and provide supply chain linkages to local farmers and suppliers, thus boosting the tourism sector and contributing to economic diversification and sustainable growth.”
