Italian companies Project $400 Million Investment in Salvadoran Travel Industry

11 February 2005 5:00am

Italy-based consortium Exedra –made up of ten companies- is paving the way to pour some $400 million into El Salvador’s tourist sector to build a resort in the eastern beach of Tamarindo, the Salvadoran Investment Promotion Agency (PROESA) informed.

Exedra officials traveled to San Salvador to hand in the project to local authorities. The draft scheme includes the construction of half a dozen five-star hotels with 500 rooms each, four nontraditional resorts, a couple of golf courses and a tourism training school.

Furthermore, the Tamarindo Beach project –in the department of Union- includes the building of an airport for charter flights, plus a seaport for 600 boats and yachts.

According to PROESA, the Italian consortium is still looking for a financial partner among a group of banks in El Salvador and elsewhere, as well as for local investors to get the project going beyond the feasibility study.