International Financial Corporation (IFC), a member of the World Bank Group, will lend 80 million U.S.dollars to subsidiaries of Shangri-La Asia Limited to improve travel infrastructure and boost tourism sector of Myanmar.
IFC's investment will be used to complete the renovation on the Traders Hotel here, owned by Shangri-La, and also increase its capacity from 270 to 485 rooms, a press release of IFC said on Friday.
The investment will also be used to complete construction of the Shangri-La Residences Yangon, a 240-apartment building.
Both projects are expected to be finished in 2014 to help meet the acute demand for hotel rooms and serviced apartments from business travelers and expatriate workers.
"At a time of growing economic interest in Myanmar, it is crucial to increase access to much needed business-enabling infrastructure to attract more investors and travelers, as well as helping place Myanmar on a par with other commercial hubs in the region," said Vikram Kumar, IFC Resident Representative in Myanmar.
IFC, together with the World Bank, is supporting reforms and investments in this Southeast Asian nation to strengthen the private sector and create jobs to reduce poverty and boost shared prosperity.
IFC works to improve the country's investment climate, access to finance, and infrastructure, with an initial focus on the power and telecommunications sectors, the release added.