BUSINESS – Shangri-La gets World Bank backing

The International Finance Corporation (IFC), a branch of the World Bank, has pledged a loan of US$80 million to subsidiaries of Shangri-La Asia Ltd to expand operations in Burma. A statement by the IFC on 26 March said the loan will provide assistance for the expansion of the Traders Hotel in downtown Rangoon to increase its capacity from 270 to 485 rooms, as well as for construction of the 240-suite luxury Shangri-La Residences overlooking Kandawgyi Lake.