Project detail - TURGEAU DEVELOPMENTS S.A.

TURGEAU DEVELOPMENTS S.A.

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Who is our client

Turgeau Developments S.A. is a special purpose company fully owned by Digicel Limited and has been established to develop and construct a 175-room business hotel in Port-au-Prince, Haiti. The hotel will be managed by Marriott and will reflect the Marriott Corporation physical design and lay-out standards.

Funding objective

The project will address the vast shortage of quality hotel rooms in the city of Port-au-Prince, a shortage which was exacerbated by the earthquake that hit the island in January 2010. The hotel will target business, government and NGO visitors, based on a 4-star service offering.

Why we fund this project

FMO provides scarce long-term financing to support a challenging project in Haiti, the least developed country in the Western Hemisphere. Development impact is substantial: the project will catalyzeeconomic development, create jobs and improve infrastructure. The project will be one of the very few sizable foreign direct investments in Haiti since the 2010 earthquake. The project is intended and expected to have a strong demonstration effect in catalyzing additional investments in Haiti, a high priority for the Government as well as for the international community.

More investments

Date Total FMO financing
6/27/2013 USD 7.50 MLN
6/27/2013 USD 3.46 MLN
Region
Latin America & The Caribbean
Country
Haiti
Sector
Infrastructure, Manufacturing and Services
Signing date
6/27/2013
Total FMO financing
USD 2.29 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B