International Finance Corporation (IFC), a member of the World Bank Group, has provided Shangri-La Asia Ltd, US $ 50 million to finance the construction of the resort hotel in Addu atoll.

According to Indopia business news, IFC authorized the 50 million dollar loan, for the development of 142 bed resort hotel in Villingili of Addu atoll on the 2 of this month.

In a statement issued, following the sanction of the loan, Shangri-La Asia Executive Director and CFO Madhu Rao said “We are pleased to have IFC as a co-investor in our first investment in Maldives”.

According to Indopia news article, the loan is a long term financing loan and will help expedite the resort development in Villingili in southern Maldives.

The news article said the investment will strengthen local economy by directly creating over 300 jobs and indirectly facilitating generation of 2,000 jobs during the construction of the resort.

The project will generate significant employment and help boost the commercial infrastructure necessary for increased business activity, IFC Director for Global Manufacturing and Services Dimitris Tsitsiragos said.

Shangril La Asia has its main headquarters in Hong Khong. Tourism accounts for about 70 per cent of economic activity in Maldives and is largely concentrated around Male, in the north of the country.