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