IIC Approves Loan That Will Improve Lodging Offer In Nicaragua

04/28/2009

The proceeds will be used to upgrade a well recognized hotel and to bring more competitiveness to Nicaragua’s lodging sector.

Washington, D.C. - On April 28, 2009, the Inter-American Investment Corporation (IIC) approved a US$1.0 million loan to Corporación de Inversiones Turísticas, S. A. (CITSA), a company that operates a hotel in Managua under the Holiday Inn brand. This is the second loan that the IIC provides this company, as it also financed the original construction of the hotel.

The 150 room hotel located in the heart of Managua has been operating since 2000, providing lodging for business travelers and tourists.

IIC’s financing will be used for upgrading the hotel for a change in category to Holiday Inn Convention Center. The upgrade involves new equipment, systems, furniture, and building improvements. The project also includes building conference rooms, expanding and upgrading the fitness room, and installing several mechanical and electrical systems. These improvements will increase the hotel’s competitiveness as it will bring new technology and know-how to the tourism industry of the country.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four transactions channeling US$300.5 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.

Contact: David Levy

Telephone: (202) 623-3969

Email: davidl@iadb.org