India’s Taj Hotels is part of the Tata Group, a long-time IFC client. The company’s Taj Maldives property is becoming increasingly popular as international tourists flock to the scenic island chain in the Indian Ocean. IFC is supporting the company’s efforts to stabilize the hotel’s finances by providing long term financing that allowed a restructuring of the company’s debt. As a leader in sustainability, the hotel also partnered with IFC and another IFC hotel client in the Maldives to protect lagoons and coral reefs that were damaged by the effects of the 1998 El Niño.
IFC role and development impact:
- $17 million in long term financing; support for long-time client in a cross-border investment
- Advisory services in support of coral reef recovery: development of techniques to accelerate recovery and protection of fragile coral reefs
- Partnership with Villa Hotels to protect lagoons and coral reefs
- Encourages additional tourism to Maldives
- Increasing tax revenues, job creation and economic opportunity as the hospitality industry grows and as demand for additional tourist services expands
