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Summary of Project Information (SPI) |
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| Project number | 8648 |
| Project name | Sri Lankan Credit Rating Agency |
| Country | Sri Lanka |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Fitch Ratings Lanka Limited |
| Environmental category | C |
| Date disclosed | December 29, 1998 |
| Status | Active |
| Previous Events | Invested: November 17, 1999
Signed: November 12, 1999
Approved: May 3, 1999 |
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Summary of Project Information (SPI)
| Project Name | West Bank & Gaza - Bethlehem Jacir Palace Hotel |
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| Region | Central Asia, Middle East and North Africa |
Sector
Project No008649
Projected Board DateApril 6, 1999
Company NamePalestine Tourism Investment Co. Ltd. (PTIC)
Technical Partner and/or Major Shareholders
The proposed hotel will be owned by Palestine Tourism Investment Co. Ltd. (PTIC), a Palestinian tourism sector holding company. To date, 9.0 million shares valued at JD9.0 million (US$12.7 million equivalent)have been subscribed; 54.0% by Palestine Development and Investment Ltd.(PADICO), 11.1% by Zara Investment Co. Ltd., 7.8% by Cairo Amman Bank, and the remaining 27.1% by 25 other investors, including six subsidiaries of PADICO.
Project Cost Including proposed IFC investment
The total project cost is estimated at about US$48.0 million. IFC's investment will be US$1.35 million in equity, representing up to 5% of the total $27 million equivalent in shares to be issued, and US$8.0 million in the form of an A loan. The European Investment Bank is making a parallel loan of EU 12.0 million.
Location of project and Description of site
The project will be built on a 2.6- hectare site located 2 km from the center of Bethlehem and 8 km from the Old City of Jerusalem, on the main Jerusalem to Bethlehem road. The Jacir Palace, is a magnificent turn-of-the-century building that will be renovated and incorporated into the new hotel. The site plan includes a large landscaped garden with the existing olive orchard, which will create an in-city resort atmosphere.
Description of the Company and Purpose of the Project
The project is to build and operate the first international-standard 250-key hotel in the West Bank city of Bethlehem, which is a world class tourism destination. The project, to be managed by an international hotel operator, would set the standard for quality and comfort, meeting both tourism and business demands.
Despite the political difficulties in the region, since 1991 tourism in Israel and the West Bank and Gaza has been growing at an annual rate of about 2.3% p.a. With further progress in the peace process, this growth will continue. The Bethlehem 2000 activities are expected to bring a large influx of tourists to Bethlehem, including a large number of pilgrims from around the world. The Bethlehem 2000 Project, supported with World Bank financing, will also improve the city's infrastructure. The hotel, currently under construction, will be the largest private sector investment in the West Bank.
Environmental Category and Issues
This is a Category B project according to IFC's environmental review procedure. Environmental issues associated with this project include; historical/archaeological structures, liquid effluents, solid waste, water and power supply, and CFCs. Health and safety issues include fire safety and emergency response. The hotel will be connected to the main Jerusalem sewer treatment plant; the sponsor retained an independent fire safety audit of the hotel designs and will implement the auditor's recommendations. Water and power will be supplied from the municipal authorities/local grid. No CFC based equipment will be installed. Care has been taken to replant and preserve trees on site. In accordance with an agreement with the Palestinian Authority, PADICO financed a new school to relocate the primary/ secondary public girls’ school that occupied Jacir Palace until summer 1998. Project design clearance has been obtained from the Ministry of Tourism and Antiquities and meets the archaeological requirements.
IFC will ensure ongoing compliance with World Bank environmental, health, and safety policies and guidelines during the life of the project by evaluating and monitoring reports submitted annually to IFC by PTIC and by conducting periodic supervisions.
The are March 6, 1999 from the Public Information Center.
| Host country location of environmental documents | West Bank & Gaza |
Date revised SPI sent to PIC March 4, 1999 (original SPI, May 28, 1998)
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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