The International Finance Corporation (IFC), a World Bank Group member, and IDB Invest have announced their commitment to provide USD 119.5 million to Cisneros Real Estate for a new sustainable resort in the Dominican Republic.
This investment will strengthen the country’s appeal for investments, and build a brand as an eco-friendly destination. This development is seen as the country’s first sustainable tourism destination, and follows the government’s efforts to expand tourism, especially in the sustainable and eco-friendly sectors.
The hotel, Tropicalia, will receive green-building accreditation from reductions in water and energy use, and will adhere to local legal and lender environmental requirements as well as employ sustainability features to reduce its environmental impact.
Due to Tropicalia’s energy efficiency measures and other environmental considerations, IFC will be providing its loan through its Green Bonds programme, which aims to support climate-smart investments in an effort to shift to resilient low-carbon economies worldwide.
“The financing of Tropicalia by IFC and IDB Invest as their first sustainable high-end resort in Latin America and the Caribbean is a testament to our environmental and social commitments,” said Patrick Freeman, Cisneros Real Estate president. “Tropicalia will serve as a model for global tourism by helping to promote responsible development in the Caribbean and beyond.”