TravelbizmonitorIFC, a member of the World Bank Group, is helping Shangri-La Asia Limited finance the construction of a 142 room resort hotel in the southern Maldives that will help create jobs, strengthen tax revenues and attract tourists and investors to an underdeveloped region of the country. IFC will provide USD 50 million in long-term financing to help the company complete construction of the high end hotel on Villingili Island in the Addu Atoll, about 400 km from the capital city of Male. The investment will strengthen the local economy by directly creating more than 300 jobs and indirectly facilitating the creation of 2000 jobs, while the resort is being constructed. more....




