Dalmatian (IFC-38532)

Countries
  • Croatia
Geographic location where the impacts of the investment may be experienced.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
PRO CRO ACQUISITIONS LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 244.05 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported
Converted using 2017-04-28 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Apr 28, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
The project entails the development of a mixed-use hotel and residential property in Hvar, Croatia, located approximately 20 nautical miles from the coastal city of Split and approximately 80 nautical miles from the coastal city of Dubrovnik. The project will consist of: (i) a 120 room hotel managed by Four Seasons; (ii) 99 residences for sale, of which 61 will be managed by Four Seasons and the other 38 sold unbranded; and (iii) community retail and leisure facilities (the Project). Total Project cost is estimated at EUR224 million to be funded 50:50 debt: equity. The proposed IFC investment is an A and B loan/parallel lender package of EUR100 million – A loan of EUR40 million and B/parallel Loan of EUR72 million. Project sponsor is Arqaam Capital (the Sponsor), a Dubai-headquartered emerging markets investment banking institution. The borrower is Brizenica d.o.o (the company), a Croatian Limited liability company that is majority owned by Arqaam Capital Limited, and which is the owner of the land at Brizenica bay, the site for the project development that IFC will potentially finance.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Project sponsor is Arqaam Capital, a Dubai-headquartered emerging markets investment banking institution. The Sponsor is a diversified and reputable investment group fully committed to the Project. Arqaam has assembled a team of top-notch architects, project managers, quantity surveyors/engineers, and residential sales consultants.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
No project contacts provided at the time of disclosure. 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/

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How it works