World Bank Aids Kiribati In Developing Hotel Industry
WELLINGTON, New Zealand (Radio New Zealand International, Dec. 24, 2012) – The World Bank’s International Finance Corporation is helping the Kiribati government to select an investor for the Otintaii Hotel, the largest hotel venture in the country.
The public-private partnership is aimed at helping to transform Kiribati’s hotel industry, create jobs and generate revenues for the government and the private sector investor.
IFC is assisting the government in the bidding process to attract an investor who can both provide the funding for and strengthen the operations of this large-scale hotel project.
A Kiribati government spokesperson, Atanteora Beiatau, says the demand for hotel services is set to increase over the next five years, thanks to investments worth more than US$150 million dollars in the country’s infrastructure.
He says a shortage of available land for hotel development makes the Otintaii Hotel a promising option for investors looking to capitalize on this growth.
The hotel complex in Tarawa, on government held leasehold land, includes two accommodation wings, a restaurant and bar as well as meeting facilities.
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