Wednesday, 15 May 2013

IDC Plans $217 Million Development Investment Projects in Africa

Development financier the Industrial Development Corporation (IDC) earmarked $217 million for investments in local resorts, attractions and hotels in the rest of Africa over the next five years.

Tourism business unit head Christine Engelbrecht said at the Tourism Indaba in Durban that the IDC shifted its focus from funding hotels in South Africa’s major centers due to the oversupply of rooms remaining from the 2010 Soccer World Cup.

With the goal of stimulating tourism domestically, the IDC was taking an approach driven by supply rather than demand.

The IDC is in the planning stages of 10 different projects, including a $65 million beach resort at the Nonoti River mouth in northern KwaZulu-Natal’s iLembe district. The feasibility studies and the environmental impact assessment had been done. The next step was to partner with an operator and other funding partners.

The resort would have a three-and a four-star hotel, as well as self-catering units. Development was set to begin in 2015, with construction lasting 18 months to two years.

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