FCS Sanctum (IFC-39505)

Countries
  • Myanmar
Geographic location where the impacts of the investment may be experienced.
Specific Location
Inle Lake, Shan State
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
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."
Voting Date
Jul 18, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SANCTUM INLE RESORT CO., LTD.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 6.00 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.
Loan Amount (USD)
$ 6.00 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.
Project Cost (USD)
$ 20.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 16, 2019

Disclosed by Bank Apr 11, 2018

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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.

According to IFC website, The Sanctum Inle Resort Co., Ltd., a Myanmar-based company, built, and in January 2016 started operating the Sanctum Inle Resort (the “hotel”), a 97-room 5-star boutique hotel at Inle Lake, which is a major tourist location in Shan State, Myanmar. The hotel has a built floor area of about 135,000 square feet, on a 22.35-acre site, and comprises one, two and three story buildings, including a swimming pool and spa facilities. The back of house includes the kitchen for the restaurant and one for the staff canteen, a laundry and mechanical room, and two staff dormitory buildings. IFC is considering a loan of up to US$6 million to support the project’s ongoing operations and optimize its balance sheet (which does not involve any construction activities as the hotel has been operating since April 2016).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The final Project cost totaled approximately US$20 million and was completed in early 2016. The Project was financed by a mix of bank loans, investor loans, and equity. The proposed investment is an A loan of up to US$6.0 million for IFC's own account. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Company is privately owned by Ms. Su Su Tin (90%) and her husband, Mr. U Than Too Kyaw (10%). Ms. Su Su Tin is a local entrepreneur in Myanmar who founded and managed a number of successful businesses in Tourism, Hospitality, and Retail industries including Exo Travel Myanmar, Annam Myanmar Group Co., Ltd. She is an active member of various local tourism associations and committees.

The Company has a service agreement in place with Apple Tree Group (Singapore) to receive hotel management services. 


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.

Sanctum Inle Resort
Mr. Philippe Arnaud
General Manager
+959 252 818 800
gm@sanctum-inle-resort.com
Nyaung Shwe Township, Shan State, Myanmar
http://sanctum-inle-resort.com

 

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