IFC's Overall Contribution to SDG-17 in Calendar Year 2019
16.3 billion USD in Annual Payments to Government
IFC's Contribution to individual targets of SDG-17
17.1 Strengthen domestic resource mobilization, including through international support to developing countries, to improve domestic capacity for tax and other revenue collection.
Examples of IFC projects contributing to SDG-17
Contributing tax revenues for governments
IFC invests in hotels and tourism because of the industries strong development impact, particularly for low-income countries and fragile and conflict-affected states. In addition to creating jobs and helping develop local supply chains, hotels contribute significant tax revenues for the government, which can help support vital social programs and infrastructure investment that have important development impact.
Contributing tax revenues in Maldives
Tourism has helped Maldives transform from one of the poorest countries in the world thirty years ago to a middle-income country today. The government planned the luxury Shangri-La’s Villingili Resort and Spa together with Shangri-La Group, a leading owner and operator of deluxe hotels and resorts in Asia, the Middle East, North America and Europe. When the government was unable to meet investment obligations to the project, IFC helped finance the $143 million investment project with a $50 million loan. In 2014, the hotel contributed $8.3 million in taxes to the government. High tax contributions for this hotel reflect high tourism tax rates in this tourism-centric economy.