CAIRO – The African Export- Import Bank (Afreximbank) Wednesday said it has approved a US$30 million financing facility to Joyau Des Caraibes Limited (JDC), the Caribbean subsidiary of ORA Developers, for the expansion of Silversands Hotel in Grenada.
Silversands Hotel is part of a luxury chain of hotels owned by the Egyptian-based ORA Developers, which is renowned for designing and developing luxury lifestyle destinations in unique locations around the world.
According to statement issued by Afreximbank, Grenada is a major touristic hub, that attracts over 2.5 million visitors annualy.
It said that the funds will be utilised for the construction of additional rooms, restaurants, retail stores and other recreational facilities aimed at boosting tourism revenues.
“We are pleased to have reached yet another significant financial close in the Caribbean. This financing, expected to expand hotel facilities and ancillary businesses, will boost the tourism industry, create jobs, and develop the economy of Grenada,” said Professor Benedict Oramah, president, and chairman of the Board of Directors of Afreximbank.
“It underscores our commitment to fostering shared growth and prosperity among Africans in geographic Africa, the Caribbean, and beyond. This project, promoted by an African developer, further validates the Bank’s strategy of fostering deeper Afri-Caribbean investment relations,” he added.
Chairman and chief executive officer of ORA Developers, Naguib Sawiris said “we are pleased to be a part of this south-to-south financing agreement with Afreximbank which will lead to accelerated expansion of Silversands brand in the Caribbean region.
“I thank Professor. Oramah and his team for their part in this initiative for growth in this important touristic region.”
Under its Diaspora strategy, Afreximbank says it has spearheaded numerous trade and investment missions to the Caribbean Islands, fostering strong business-to-business and business-to-government relations.
“These efforts have significantly reinforced two-way investments between Africa and the Caribbean, stimulating economic opportunities for both regions. These ties are expected to enhance additional linkages in the future such as direct movement of people and increased economic activities,” Afreximbank added.
