(Ecofin Agency) - The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. private financing arm in developing countries, approved $64 million to support the construction and operation of two hotels in Dakar, the Sheraton Dakar hotel and Aloft Dakar hotel.
The project is also expected to strengthen local small businesses involved in the supply chain of both hotels. Since 2019 started, the US organization has carried out about five operations in Africa, including a renewable energy project in Egypt, and a loan to energy company Renergen in South Africa. In the coming years, CIPO plans to double its investments on the continent to counter Chinese influence in the region.
Let’s note that four other projects implemented in Latin America and the Indo-Pacific region were also approved by OPIC's Board of Directors