Finance

IFC supports construction project in Zambia with $9 mln

Wednesday, 24 July 2019 13:00
IFC supports construction project in Zambia with $9 mln

(Ecofin Agency) - The International Finance Corporation IFC is giving Zambia $9 million for a hotel construction project. Total project cost is $30 million.

The money will be managed by Protea Hotels Zambia, a major hotel group in the country and the project’s developer. With this financial and advisory support, IFC wants to contribute to “help build new business infrastructure and conference facilities for investors, as well as integrate the hospitality value chain in Zambia,” according to Kevin Njiraini, IFC’s Regional Director for Southern Africa.

Protea Hotels Zambia, a subsidiary of the diversified conglomerate Union Gold Zambia, owns and operates eight hotels with a total of 612 rooms in Zambia. Official data showed that the country welcomed more than one million tourists in 2017.

Let’s note IFC has so far invested $100 million in Zambia in sectors such as processing, financial services, hotels and agriculture.

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