While much media attention was focused on the devastation in Thailand following the 2004 tsunami, other small south Asian countries suffered losses as well. Full Moon Resort in the Maldives took a direct hit, and the resulting loss of income caused a domino effect of economic damage to the local community. IFC is helping to reverse this situation, providing financing to help with the rebuilding of Full Moon’s spa and bungalows. The investment will also help the company with other expansions, the upgrade of existing hotel properties and restructuring its balance sheet.
IFC role and development impact:
- $25 million in long term financing plus guidance on insurance, fire and life safety
- Building back the tourism sector, critical to the country’s economic base and tax revenue stream
- Direct and indirect job creation
