New investment in South Sudan hotel
To support the development of South Sudan’s tourism infrastructure, IFC announced an investment in Dembesh Hotel in Juba that will help finance the hotel’s renovation and expansion.
IFC’s $7.5 million investment comprises a $3.75 million loan from IFC’s own account and a $3.75 million concessional loan from the blended finance facility of the International Development Association’s (IDA) Private Sector Window.
The expansion and renovation of the hotel, located in central Juba close to government offices, embassies, and commercial centres, will make it more attractive to business travellers and tourists, helping meet growing demand for high quality accommodation in the city.
”IFC’s investment in Dembesh Hotel signals to the international investment community that South Sudan is open for business,” said Ayesheshim Teka, CEO of Dembesh Hotel. ”This hotel has long been a preferred destination for public and private sector leaders visiting South Sudan. The expansion and renovation of the hotel will raise standards of the local hospitality sector – particularly as the hotel will then be rebranded to the international chain, Best Western Plus.”
”IFC’s investment in Dembesh Hotel is a vote of confidence in South Sudan’s future,” said Cheick-Oumar Sylla, IFC director for North Africa and Horn of Africa. ”The hotel will provide much-needed accommodation for business travellers and tourists visiting Juba, creating jobs and boosting economic activity.”