IDB Invest, a member of the Inter-American Development Bank (IDB) Group, provided a $37.2 million loan to West Resort S.A. for the construction and operation of a sustainable resort in Bocas del Toro, Panama.
The project will boost the economic growth of the area through the generation of employment, training and education of the surrounding communities, and the integration of local farmers and small and medium enterprises in the hotel’s value chain.
The Bocas del Toro province has a population that is more than 50 percent indigenous and its economy depends largely on agricultural production and tourism, albeit with a limited hotel infrastructure. West Resort consists of a 118-room resort to be operated by Viceroy Hotels & Resorts.
The hotel constitutes the first phase of Casi Cielo, an environmentally conscious master-planned development with a variety of leisure amenities. Once completed, the resort will promote the diversification of the tourism offering in Panama by supporting the growth and development of Bocas del Toro as a sustainable tourism destination.
IDB Invest’s support includes advisory services that will design a program for visitors to access local activities and products that promote the development and integration of indigenous communities. In addition, the Casi Cielo complex will implement a strategy for the efficient use of water, a wastewater discharge monitoring program, a solid waste management plan, a biodiversity plan, a verification process for the responsible supply of goods and services, and a program for the protection of marine life.
This project potentially contributes to six of the Sustainable Development Goals set by the United Nations General Assembly: No Poverty (SDG 1), Quality Education (SDG 4), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Responsible Consumption and Production (SDG 12), and Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank Group (IDB), is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of US$12.4 billion in asset management and 342 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About West Resort
West Resort S.A. is a subsidiary, owned by the partnership established between Corvan Ventures Ltd. and Starfish Ocean Investment S.A. The investment principals have more than 40 years of experience in real estate in Latin America, Europe and Asia, and have built more than 500,000 m2 of real estate, including shopping centers, offices, warehouses and condominiums.