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IFC, FMO investment in Nepal Hospitality and Hotel
KATHMANDU, June 21: International Finance Corporation (IFC), a member of the World Bank Group and Nepal Hospitality and Hotel organized a press meet on ‘Sustainable Growth through Tourism’ on Tuesday at Al Fresco, Fairfield Marriott, Thamel.
At the event, it was informed that IFC has invested $2.75 million in Nepal Hospitality and Hotel (P) Ltd to develop a new 3-star hotel, Fairfield Marriott in Thamel. In addition to its own investment, IFC has mobilized a further $2.75 million investment from FMO, the Netherlands-based development bank. The 115-room hotel is operated by the international chain Marriott under its Fairfield brand, and is the first internationally-branded mid-market hotel in Nepal.
The Fairfield Marriott Hotel will help increase Nepal’s capacity in the mid-market segment, create jobs, and promote energy-efficient hotel design, and is expected to stimulate tourism, contribute to foreign exchange earnings, and support the economy.
Moreover, IFC remains committed to promote such development in Nepal as the country and industry recovers from the impacts of the 2015 earthquake. IFC’s tourism investments promote development of critical infrastructure in places where there is often a shortage, and send a positive signal to other investors. IFC invests in hotels and tourism because of its strong development impact, particularly for low-income, fragile and conflict-affected countries.
Gaurav Agarwal, Managing Director, Nepal Hospitality and Hotel (P) Ltd gave an opening remark; and Shiba Raj Shrestha, Deputy Governor, Nepal Rastra Bank, Deepak Raj Joshi, CEO, Nepal Tourism Board, Wendy Werner, Country Manager, IFC and Prakash Jayadevan, General Manager, Fairfield Marriott Kathmandu among others were present at the event.