TURGEAU DEVELOPMENTS S.A.
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
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.
What is our 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 do we fund this investment?
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 2.29 MLN |
| 6/27/2013 | USD 3.46 MLN |
- Region
- Latin America & The Caribbean
- Country
- Haiti
- Sector
- Infrastructure, Manufacturing and Services
- Effective date
- 6/27/2013
- Total FMO financing
- USD 7.50 MLN
- Funding
- FMO NV
-
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