IIC Approves Loan of US$5 Million for the Development of the Hotel Industry in Nicaragua
IIC loan will support the renovation of the Hotel Holiday Inn and Convention Center and the expansion of its convention center to meet growing demand in the country
Washington, D.C., November 25, 2014 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$5 million to Corporación de Inversiones Turísticas S.A. (CITSA) in Nicaragua to finance the renovation of the Hotel Holiday Inn and Convention Center and the construction of a new convention center.
“With this loan, the IIC supports the growth of the hotel and tourism industry in Nicaragua, which is an increasingly important part of the country’s economy. The loan is expected to create 60 direct jobs and benefit more than 80 local suppliers of CITSA through the larger volume of expected food and beverage purchases,” said Rodrigo Navas, IIC lead investment officer in charge of the operation.
CITSA was founded 18 years ago to build and operate a hotel under the Holiday Inn brand in Managua, Nicaragua. Since beginning operations in 2000, the hotel, now called the Holiday Inn and Convention Center, has made a positive impact in the area where it is located. The hotel has six floors that include 156 guest rooms; 200 parking spaces; a convention center with 10 meeting rooms; two restaurants; a fitness center; and a business center.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Rodrigo Navas
Telephone: + 1 (202) 623-3926 in Washington, D.C.