IFC, IDB Invest fund DR resort

IFC, IDB Invest fund DR resort

Loans Debt Dominican Republic

IFC and IDB Invest have supplied $120m in financing for the US developer Cisneros Real Estate to build a new resort in the Dominican Republic. IFC has contributed $79.5m directly and arranged $34m in financing from institutional investors through the Managed Co-Lending Portfolio Program. IDB Invest has put in $40m, IFC said in a press release. IFC also said it will buy green bonds to provide its share of the financing to the $258m project in the town of Miches, about 80km west of Punta Cana.

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