IFC, IDB Invest provide $119.5m for Tropicalia Hotel in the Dominican Republic

Region:

Americas

The International Finance Corporation and IDB Invest have partnered to provide Cisneros Real Estate with $119.5 million in financing for Tropicalia, a sustainable resort in the Dominican Republic expected to start operations in 2021.

The project is expected to create 1,800 jobs during construction, 500 jobs during operations and an inclusive supply chain that will link dozens of local entrepreneurs and farmers to hotel and tourist demand.

To finance the $258 million project, IFC and IDB Invest are providing loans for $79.5 million and $40 million, respectively. As part of the financing package, IFC is mobilizing $34 million from institutional investors through its Managed Co-Lending Portfolio Program.

The IFC loan is being entirely financed through Green Bonds, given Tropicalia's projections for energy efficiency and other environmental considerations.

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