IIC Financing To Support The Tourism Sector In Jamaica

12/02/2003

WASHINGTON, D.C. - On December 3, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$10 million loan to Sunset Beach Resort and Spa Hotel Limited in Jamaica. The project consists of the expansion and upgrade of the Sunset Beach existing facility in Montego Bay and the acquisition, expansion and upgrading of a property in Negril.

The expansion of the hotel operations is expected to create 254 direct jobs and approximately 85 indirect jobs. The IIC will be supporting a locally owned company, thus furthering the development of the tourism industry in Jamaica by in-country investors and entrepreneurs.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, securities and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating 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, visit its Web site at www.iic.int .

Contact: Steven Reed/David Levy

Telephone: (202) 623-3981

Email: stevenr@iadb.org