IFC gives US$13.5-million loan to Myanmar’s Amata Hotel Group for expansion

Published on : Saturday, October 29, 2016

myanmars-amata-hotel-groupAmata Hotel Group has entered into an alliance with International Finance Corporation to help it International Finance Corporation in Myanmar. The financial wing of the World Bank Group announced a financial aid of a US$13.5-million (Bt472 million) convertible loan from International to the leading owner and operator of hotels in Myanmar.


“Providing a loan to a local firm is a way of supporting Myanmar’s economic growth. It will definitely provide employment opportunities for local residents, particularly women and youth,” Win Aung, chief executive officer of Amata Hotel Group, said adding that he loan would help his company build new hotels in two of Myanmar’s biggest tourism destinations – Bagan and Inle Lake.


The hotel chain signed the agreement with IFC during a four-day visit to Myanmar by the corporation’s executive vice president and CEO, Philippe Le Houerou, which ended on Tuesday.


“We look forward to learning from IFC, tapping into its vast knowledge and expertise in the field, and elevating our business to a best-practice example in Myanmar’s growing tourism industry,” he said.


The hotel in Bagan will have 144-room while that in Inle Lake 130-room and will be developed in two phases.


Both hotels will comply with IFC’s Excellence in Design for Greater Efficiencies Green Building Certification System, which will reduce energy, water, and material consumption by at least 20 per cent compared with similar buildings.


In addition to building the two hotels, Amata Hotel Group plans to build more international-standard hotels in the Myeik Archipelago with the approval of the Myanmar Investment Commission.


“We will also open mid-range hotels in 10 different cities across Myanmar. Our target customers are both local and foreign visitors who want to enjoy good services at a reasonable price. These mid-range hotels will be operated under our new brand Awinka,” he said.


According to the World Bank, tourism contributes $3 billion to Myanmar’s gross domestic product in 2014 and is predicted to grow 8.4 per cent annually until 2025. By then, the sector will employ around 2 million people.


IFC CEO Le Houérou said that tourism, as a leading driver of economic growth and job creation, can play a major role in poverty reduction in Myanmar, particularly for women and young people.


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