Ibis Mongolia (IFC-37451)

Countries
  • Mongolia
Where the impacts of the investment may be experienced.
Specific Location
Ulaanbaatar
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 6, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
MMC POLARIS LLC
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported
Converted using 2016-01-06 exchange rate.
Project Cost (USD)
$ 21.30 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported
Converted using 2016-01-06 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 27, 2017

Disclosed by Bank Nov 11, 2015


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Project Description
This project funds the construction of a hotel in southwestern Ulaanbaatar. The hotel will have 123 rooms with health and business areas, 4 stories of retail space, and 200 parking spots.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Project Inquiries: Mr. Battogoo Choidon Mongol Micron Cashmere LLC office building 2nd khoroo, Khan-Uul district Ulaanbaatar, Mongolia 345723 mongolmicron.mn/ Project Documentation Available Here: Hotel Entrance Door of MMC Polaris 2nd khoroo, Khan-Uul district Ulaanbaatar, Mongolia 345723 mongolmicron.mn/ ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/