US$13.5 lent by IFC for tourism development in Myanmar

Published on : Monday, October 24, 2016

myanmar-ferry-capsizeThe IFC has lent US$13.5 million to United International Group, which owns Amata Hotel Group to expand its properties in Bagan and Inle Lake. The agreement was signed between IFC and UIG. The IFC assists developing countries achieve sustainable growth by financing investment and providing advisory services to businesses and governments.

 

The Bagan property is intended to have 144 rooms and is listed as one of the 42 hotels where the Department of Archaeology, National Museum and Library has suspended construction. The Inle Lake property will be expanded from 70 to 130 rooms and both will be five-star hotels of international standards.

 
The Amata Group will introduce their second “Awinka” brand in 10 cities, which will be opened in 208 or 2019. They will also construct high-end resorts in the Myeik archipelago, Tanintharyi Region. Tourism is a significant tool for boosting Myanmar’s economic growth and job creation and can play important role in reducing poverty in the region, especially for young folks and women. Hence, the sector should be developed in a sustainable manner.

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