IFC supports construction project in Zambia with $9 mln
Wednesday, 24 July 2019 13:00
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.
Chamberline MOKO
Live News
-
Zambia Unveils National Strategy to Protect Young Internet Users
06:18
-
Togo’s Edomatch Targets Faster Hiring With Mobile Recruitment Platform
06:09
-
Hussein Wahdan Automates Enterprise HR Management
06:00
-
Guinea Seeks to Modernise Its Civil Service to Meet Labour-Market Needs
05:59
-
Yttrium: Prices Surge 3,500% for a Metal South Africa Plans to Produce
05:55
-
Maersk to Resume Suez Canal Transit in December
05:48
-
Cameroon: AGL Invests $1.8 Million in New Equipment
05:45
-
FSD Africa Rolls Out $30Mln Fund for African Insurtech Innovators
14:14
-
CHR Lomé-Commune Commissions New Medical Scanner
13:56
-
Access Bank, in Partnership with IFC and AGF, launches Cameroon’s First-Ever Womenpreneur Pitch-A-Ton
13:42
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Government, ESCWA, and experts meet to shape national framework Plan aims to fight corruption, c...
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
The government launched FUGAS, a new digital administrative and payroll system, as a strategic reform tool. The initiative forms part of a broader...
Yttrium oxide prices jumped from $6/kg to $220–320/kg after China restricted exports. South Africa prepares to enter medium-term yttrium...
Maersk will resume transit through the Suez Canal from December 2025 after a two-year diversion. The Suez Canal Authority has cut transit fees by 15%...
AGL Cameroon invested CFA1 billion ($1.8 million) in new port equipment. The company has already spent more than CFA8 billion on equipment in...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...