AEF Blue Bay Tours Limited

completed

SUMMARY OF  PROJECT INFORMATION (SPI)Project name: : Tanzania-Blue Bay Beach Resort Region : Sub-Saharan AfricaSector : TourismProject No: : 008394Projected Board Date : December 31 1997Company Name : Blue Bay Company LimitedTechnical Partners and/or Major Shareholders: The company is owned by Mr. Steven Smith and his son Andrew Smith.  They are experienced hoteliers and will manage the hotel.Project Cost including proposed IFC Investment: Project cost : US$ 6.4 million IFC Investment : US$ 1.5 millionLocation of Project and Description of Site:  The project is located in Kiwengwa village on the east coast of Zanzibar on a 6 ha plot with a 250 metre beachfront. Description of company and purpose of Project:  The company will build a 92 room beach resort and will target European tourists going on beach holidays. IFC Role is to provide long term foreign currency loan and assist in identifying other lenders to complete the financial package. The project has strong development impact as it will:  (a) provide additional quality accommodation; (b) create about 70 jobs with the attendant social benefits; and (c) earn valuable foreign exchange for the country.Environmental Categories and Issues: This is a category B project.  Key environmental mitigation measures include installation of a waste water treatment plant, secondary containment of fuel tanks, construction outside of the high water mark setback, and completion of a fire safety review by independent experts.  Solid waste will be disposed of at approved municipal landfill sites.  The Environmental Review Summary is available from the InfoShop.Date SPI sent to InfoShop: November 17, 1997“This Summary of Project Information (SPI) is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For additional Information contact:  Corporate Relations Unit - Telephone (202) 473-7711- facsimile:(202) 974-4384Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).