Tarawa, Kiribati, December 21, 2012 –
IFC, a member of the World Bank Group, is advising the government of Kiribati on selecting an investor for the Otintaii Hotel, the largest hotel venture in the country. The public-private partnership is aimed at helping to transform the central Pacific Island nation’s hotel industry, create jobs and generate revenues for the government and the private sector investor.
IFC is assisting the government in the bidding process to attract an investor who can both provide the funding for and strengthen the operations of this large-scale hotel project.
“Over the next five years, the demand for hotel services is set to increase, thanks to investments worth more than $150 million in the country’s infrastructure services,” said Atanteora Beiatau, permanent secretary of the ministry of finance and economic development. “A shortage of available land for hotel development makes Otintaii Hotel a promising option for investors looking to capitalize on the expected growth.”
Located in the capital of Tarawa, the hotel complex includes two accommodation wings, a restaurant and bar as well as meeting facilities. The waterfront property sits on government-held leasehold land, making it an attractive investment.
“IFC is assisting the government in finding a long-term private sector investor with the right management know-how to help Otintaii Hotel reach its operational potential and generate jobs,” said Edgar Saravia, IFC’s manager for public-private partnerships in East Asia and the Pacific. “The transparent and competitive process will help the Kiribati government choose a partner that can best deliver on these objectives.”
The government has invited companies to express their interest to Mr. Beiatau by January 31, 2013. Formal bidding documents and other relevant information will be issued to the interested parties on February 15, 2013.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
Stay Connected
