CIH IV

closed

The project would consist of: (i) tourism development projects, mostly hotels, financed by CIH under loans to be made until end 1983; (ii) a cost benefit study on tourism investments, to be carried out by the Ministry of Tourism (MOT) and CIH with the assistance of consultants; the study would represent the third and last phase of a program of studies, the two first phases of which were carried out under a UNDP project with the World Tourism Organization as executing agency; and (iii) a training program for CIH staff to improve and computerize further its appraisal of tourism investments. Up to $600,000 of the proposed loan of $100 million would be made available for the cost benefit studies if required (the studies may be financed under a new UNDP project), and up to $400,000 for training of CIH staff. The benefits to be derived from the project are several: net foreign exchange generation of $128 million per year in 1980 prices by 1987; 21,000 new jobs, direct or indirect; and net fiscal revenues of at least DH80 million per year initially, growing to about DH149 million after five to ten years.