Dushanbe, Tajikistan, May 6, 2009—IFC,
a member of the World Bank Group, is lending $7 million to Tourism Promotion
Services Tajikistan to help finance the construction of the Dushanbe Serena
Hotel, which would creating 135 local jobs and generate $1 million in annual
taxes for the government.
Dushanbe Serena Hotel will be the second
hotel in Dushanbe providing international-standard accommodation. It initially
will have 85 guest rooms, 10 apartments, and 1,600 square meters of office
and retail space. The IFC investment will help support business-enabling
infrastructure in the capital. The hotel is planning an extensive training
program of the local staff, to continue raising its standards on an on-going
One of the government’s key priorities
is the development of hotels in order to enhance the business environment
and tourist industry in Tajikistan. Since 1997, the number of foreign tourist
visits has risen steadily from 700 to more than 62,000 in 2007. This positive
trend is expected to continue.
“IFC’s role in the project reflects
its commitment to developing and supporting the rehabilitation of Tajikistan’s
basic business infrastructure,” said Shahbaz Mavaddat, IFC Director for
Southern Europe and Central Asia.
Tourism Promotion Services is a subsidiary
of the Aga Khan Fund for Economic Development (AKFED), which has a solid
reputation and extensive experience working in tourism in Africa and Asia.
This is IFC’s fifth investment in Tourism Promotion Services. The project
will continue to strengthen the ongoing relationship.
Aziz Boolani, Tourism Promotion Services’
Chief Executive Officer for the Asian region, said, “IFC is providing
long-term financing, as well as comfort and assistance to Tourism Promotion
Services as it implements its first city hotel project in Tajikistan.”
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.