Announcement of IFC to Lend 1.25 Million Dollars for Hotel Project in Barbados December 4, 1986

International Finance Corporation H 20433 USA FOR RELEASE: Thursday, December 4, 1986 CONTACT: Monique Amaudry Press Release 87/27 (202) 676-9331 Y 'C T 0 L E', 1D U5 S I . 25j (ILIO 4K IO'fL R:c 13 2D 0S The International Finance Corporation (IFC) is helping to finance a US$5 million project to renovate an existing hotel in Barbados and upgrade it into a first-class, 133 room hotel with a full range of amenities. A loan of US$ 1.25 million for the project -- Grand Bay Beach Resort -- is being made by IFC, which is the leading multilateral institution that assists the economic growth of developing countries by investing in their private enterprise sectors. The hotel's local shareholders are investing US$ 750,000 in additional equity. Loans of US$ 1.50 million equivalent each by Caribbean Commercial Bank Limited and the Colonial Life Insurance Company (Trinidad) Limited complete the project financing. The hotel is located on Carlisle Bay near Bridgetown. Its owners are Burnley Investments Limited, Alfred Taylor Enterprises Limited and Caribbean Commercial Trust Company Limited -- all of Barbados -- and Milford Corporation Limited of the Bahamas. Mr. Alfred Taylor, who has extensive experience in the hotel industry in Barbados and the Caribbean, will be Grand Bay's general manager. -2- After renovation, Grand Bay Beach Resort will have, in addition to its refurbished rooms, executive suites for business travelers, two restaurants, a coffee shop, a cocktail lounge, a sun deck pier and other facilities appropriate to a modern resort hotel. Tourism is a leading sector in the Barbados economy and the project is in line with the country's need to renovate existing hotels. The Grand Bay re-opened recently, employing about 145 people and will generate estimated net foreign exchange earnings equivalent to about US$ 5.1 million a year. -END-