World Bank Group's private sector investor International Finance Corporation and Dutch development bank FMO have invested $2.75 million in Nepal Hospitality and Hotel to develop the Fairfield Marriott in Thamel. According to The Himalayan Times, IFC and FMO will finance the 115-room hotel, which Marriott will operate under its Fairfield brand.
The new hotel will not only help increase Nepal's mid-market hotel capacity and create jobs, but also promote energy-efficient hotel design. “Such facilities help stimulate tourism, contribute to foreign exchange earnings and support the economy,” Wendy Werner, CM of IFC, told The Himalayan Times.
IFC and FMO's initiative will help in building the skills of mid-market hotel employees and in developing local supply chains. In turn, it will support significant employment in other industries associated with hospitality as well, IFC said.
According to Gaurav Agrawal, MD of Nepal Hospitality and Hotel, internationally branded hotels like the Fairfield Marriott property assist emerging markets, like Nepal, attract tourists and business travelers. “Investments that support vital economic industries, like tourism, will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to travelers’ needs,” he told the paper
IFC said that it is committed to promoting development like this in Nepal while the country and the industry recover from the aftermath of the 2015 earthquake. IFC's tourism investments promote development of critical infrastructure in regions where there are common shortages. IFC has also pledged to invest in hotels and tourism in low-income and fragile countries, like Nepal, that struggle with conflict. These investments will help to strengthen their economy.