IDB to finance construction of a new environment-friendly hotel, a project that will create jobs, engage small and medium-sized companies as suppliers, and adopt international best practice in water conservation and energy efficiency
The Inter-American Development Bank (IDB) has approved a US$55 million loan to finance the construction of an environmentally friendly hotel that will be operated by Four Seasons at Clearwater Bay in Barbados.
The project is expected to create as many as 725 direct jobs during construction and operation and engage a significant number of small and medium-sized predominantly local firms as suppliers. Local small and medium-sized furniture manufacturers and art and craft vendors will have an opportunity to provide furniture and art and craft items to the hotel,and also to sell their products at the hotel’s gift shop.
The hotel will also work with local farmers to create a reliable supply of high-quality produce for its guests. In addition, the hotel will utilize harvested treated rainwater, as well as hotel grey water for irrigation and in the fire suppression system. Such water conservation efforts are expected to significantly reduce the hotel’s water demand from the national water system.
The IDB loan will provide long term financing for the project and will pave the way for the completion of the construction of the hotel as part of the overall resort development. The IDB financing is expected to be complemented by commercial lenders through B loans and contributions from other private investors.
About the IDB’s Structured and Corporate Finance Department
The Structured and Corporate Finance Department (SCF) leads all IDB's non-sovereign guaranteed operations for large-scale projects, as well as those linked to companies and financial institutions. Through its Loan Syndication Program, SCF acts as a catalyst, helping to engage third-party resources by partnering with commercial banks, institutional investors, co-guarantors and other co-lenders for projects with high developmental impact.