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IFC and Mozambique Announce Program to Boost Investment in Tourism


In Johannesburg
Daniel Musiitwa
Phone: +27 11 731 3175
E-mail:
dmusiitwa@ifc.org

In Maputo
Hermione Nevill
Phone: +258 21 482320
E-mail: hnevill@ifc.org


Dubai, May 5, 2008—IFC, a member of the World Bank Group, and the government of Mozambique today announced a new investment program that will help develop the country’s emerging tourism sector. The $1 billion program will involve transforming four sites in Mozambique into world-class tourist attractions.

The Mozambique Tourism Anchor Investment Program, a joint initiative of IFC, the World Bank’s Foreign Investment Advisory Service, and Mozambique’s Ministry of Tourism, has secured four strategic anchor sites along the country’s Indian Ocean coastline. These sites are expected to generate over $1 billion in investment for the country, creating 25,000 direct and indirect jobs. They will also spur growth in tourism, develop supply chains, promote entrepreneurship, and create opportunities for the local community.

“This project is a great opportunity for large-scale tourism investments in one of Africa’s most beautiful and unique destinations,” said Fernando Sumbana, Jr., Mozambique’s Minister of Tourism. “Mozambique’s resource base for tourism is exceptionally strong, and now is the time to transform this potential into opportunities by securing quality investments.”

“We are looking for large-scale developers and operators that have a proven track record in emerging markets and that subscribe to environmentally and socially sound development principles,” said Babatunde Onitiri, IFC Country Manager for Mozambique.
 
The program will help develop and preserve protected areas, provide positive international exposure to the country, and drive the growing tourism economy. The four sites will include two resorts, which are suitable for large-scale tourism and residential development, and two sites earmarked for smaller-scale eco-tourism developments.

Following an intense identification process, each of the sites was selected for the quality of its natural resource base, location, access, development potential, and proximity to existing attractions. Preliminary land titles have been secured for all sites.

Through partnerships with experienced tourism or property developers and operators, IFC and the government are marketing investments opportunities to the international community.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.