Since 1956, IFC has invested over $2 billion in 220 hotel projects in more than 80 countries. Hotels play an important role in the development of many IFC client countries, as they catalyze tourism and business infrastructure. Hotels bring great potential for job creation, growth in tax revenues, improvements in foreign exchange earnings, and opportunities for related smaller businesses. This ability to facilitate local, regional, and national economic growth, thus helping reduce poverty, is the reason IFC is deeply committed to the industry. Our commitment extends to environmental protection and cultural preservation, with investments in hotels that complement unique natural habitats and enhance the attractiveness of historically significant sites.
IFC’s Track Record
Our investments in the hotel sector span the globe, supporting city center and airport hotels that contribute to business infrastructure, as well as tourist hotels and resorts, including eco-tourism and all-inclusive properties. We also support historic and environmental preservation tourism projects that encourage redevelopment of historic buildings and preservation of historic sites. In addition, we invest in mixed-use facilities, such as hotels combined with shopping centers, office towers, and residences. Our partners include leading domestic and international investors and companies, such as Occidental, Orient Express Hotels, TPS Serena, Shangri-La, the Marriott Group, Starwood, and the Inter-Continental Group.
TOURISM AND POVERTY REDUCTION
The latest research from the World Travel and Tourism Council suggests that the travel and tourism industry generates 234 million direct and indirect jobs worldwide, contributes over 10 percent of global GDP, and accounts for a third of all international trade in services. International visitors spend close to $900 billion on goods and services annually, with tourism-related inflows often the primary source of foreign exchange in many developing countries. Tourists spend more than $200 billion annually in emerging market nations. No other sector spreads wealth and jobs across poor countries in the same way as tourism: statistics indicate that 1 in 12 jobs globally is related to travel and tourism.
