IFC provides loan to Amata Resort
International Finance Corporation has given up to $13.5 million to a leading domestic hotel chain Amata Resort aiming to develop sustainable tourism in Myanmar.
The largest global development institution said the assistance will help Amata to expand its hospitality business by building two new hotels in Myanmar’s famous ancient city, Bagan, and the biodiversity-rich Inle Lake.
Philippe Le Le Houérou, IFC Executive Vice President and CEO, said tourism plays a major role in the Myanmar’s economic development.
“Tourism, as a leading driver of economic growth and job creation, can play a major role in poverty reduction in Myanmar, particularly for women and young people. But, for this to happen, the sector must be developed in a sustainable manner,” he said.
By using the loan, the hotel chain will develop a new 144-room hotel in Bagan and 130-room hotel in Inle in line with IFC’s Excellence in Design for Greater Efficiencies Green Building Certification System, which will reduce energy, water, and material consumption by at least 20 percent compared with similar buildings.
Ref: Press Release