IFC loan to support Sheraton hotel projects in Ethiopia
The International Finance Corporation has announced a $80 million long‑term loan to MIDROC Ethiopia.
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The International Finance Corporation (IFC) has announced a $80 million long‑term loan to MIDROC Ethiopia PLC (MEP), the hospitality arm of MIDROC Investment Group (MIG), Ethiopia’s largest private sector conglomerate. The loan will support the refurbishment of the Sheraton Addis and the development of a new Sheraton hotel in Addis Ababa.
“Tourism is a powerful engine for jobs and revenue, creating pathways to work and enterprise across the economy. Our partnership with MIDROC Ethiopia reflects how we work best – with strong partners on assets that anchor growth – expanding quality hospitality capacity while supporting thousands of jobs and advancing opportunity for young people and women,” said Ethiopis Tafara, IFC regional vice president for Africa.
Travel and tourism accounted for approximately 10% of Ethiopia’s GDP, along with 3.5 million direct and indirect jobs spread throughout the economy.
“We would like to express our strong appreciation for this partnership with IFC, which carries an immense strategic significance to MIG. This collaboration will play a pivotal role in modernising the domestic hospitality sector while delivering a sustained and meaningful impact on job creation in Ethiopia,” said Jemal Ahmed Abdu, CEO of MIG.
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