Provision of a senior secured long-term loan of up to €300 thousand to Khiva Malikasi LLC ("the Company"), a local hotel operator in Khiva, Uzbekistan.
The EBRD funding will support the renovation of three hotels and surrounding infrastructure operated by the Company in the Khiva, Uzbekistan.
The Project will improve competitiveness of the Company through investments into portfolio of hotels based in the region of Khiva.
The financing will be used for the refurbishment of three hotels and their restaurants in order to upgrade the quality standards to international level and to reposition the hotel chain into a leading integrated operator of tourist hotels in the Khiva region.
In addition, the Client will engage with the EBRD and other relevant public and private stakeholders in order to support the development of the tourism sector in Khiva region. In this respect, the EBRD and the Uzbek authorities have launched an initiative to strengthen Khiva/Khorezm region as a Silk Road cultural heritage destination. Following a diagnostic assessment of challenges and opportunities in that region, a strategic development five year action plan is currently being defined by the EBRD jointly with the relevant stakeholders.
onor funds will be sourced by the EBRD to support the implementation of the action plan.
KHIVA MALIKASI LTD
Khiva Malikasi LLC, established in 2001, is one of the leading private hotel operators in Uzbekistan.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Financing €300,000 of the refurbishment works of the existing three two-storey hotel buildings (a total of 93 rooms) has limited environmental and social impacts which can be addressed by adequate mitigation measures. The refurbishment works will involve installation of new kitchens, renewal of bath rooms and electric wiring. Neither extension nor transformation-conversion of the buildings is expected. In-house Environmental and Social Due Diligence (ESDD) did not indicate any significant environmental or social issues. However, two of the concerned hotels are located in the buffer zone of the UNESCO heritage site, and one is located inside the UNESCO heritage site. All three buildings are operating with full permits and are in compliance with local design requirements to correspond to the traditional style. The client has confirmed that the Ministry of Culture, UNESCO State Committee or other public entities do not require the client to inform and obtain approvals for this internal refurbishment work in relation to their locations. The project is also not associated with child labour or forced labour. An Environmental and Social Action Plan (ESAP) has been developed to address labour & construction worker health and safety, life and fire safety and heritage protection.
The client is required to ensure that the project complies with the EBRD's PRs and to submit an annual environmental and social report to the Bank.
Technical cooperation funds from Small Business Investment Fund were used to co-finance an Accounting Improvement Programme, the Lending Supervisor and a legal adviser's consultancy services.
Company Contact Information
Mr. Nikolay Ponomarenko
19A, P. Kori Street, Khiva city, Uzbekistan
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
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