Company name
Inversiones Costa Elocuente S.A.S, subsidiary of Grupo Cisneros
Project number
13807-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Dominican Republic
Sector
Tourism
Status
In implementation
Disclosed date
03/11/2022
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
08/04/2022
Approval date
08/02/2022
Signed date
11/21/2023
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 193,016,000
Financing amount
USD $ 61,750,000
Currency
USD
Project scope and objective
This transaction consists of a loan of up to US$146.4 million to finance the development and operations of a 95 room Four Seasons Hotel with 24 residential unit sustainable tourism resort.
Grupo Cisneros is a privately held business conglomerate with over 90 years of global experience that is primarily focused on: media, digital/advertising, real estate, social leadership and new technologies.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
pfreeman@cisneros.com
PHONE NUMBER
+1 305 422 3426
POST OFFICE ADDRESS
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
TROPICALIA II - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
532.5 Kb
TROPICALIA II - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
819.2 Kb