In Johannesburg:
Houtan Bassiri
Phone: +27 11 731 3179
E-mail: hbassiri@ifc.org

In Washington, DC:
Carmen Powell
Phone: +1 (202) 473-4982
E-mail: cpowell@ifc.org

Kigali, Rwanda, June 14, 2007 — IFC, the private sector arm of the World Bank Group, announced today that it will invest $2.5 million to refurbish the Hotel des Mille Collines, helping increase the number of high-quality hotel rooms in Kigali, Rwanda’s capital, promote further investments, and attract more tourists.

IFC’s loan to Compagnie Rwandaise d’Hôtellerie et de Tourisme, parent company of Hotel des Mille Collines, will allow the company to upgrade the four-star, 112-room hotel to match current international hotel standards. The company will also use a portion of the money to finance its August 2005 acquisition of the hotel.

“This investment will allow us to compete more effectively,” said Miko Rwayitare, Chairman of Mille Collines’ Board of Directors.  “The collaboration with IFC has allowed the hotel to benefit from the Corporation’s global expertise and the high standards it brings to its investments.”

Improving the quality of hotel rooms in Kigali is crucial to the Rwandan government’s leisure tourism strategy, which depends on the availability of high-quality accommodation for tourists who come for the country’s gorilla-watching areas and national parks.

“We are pleased to invest in a priority sector in Rwanda that has the potential to contribute significantly to the country’s economic development,” said Thierry Tanoh, IFC Director for Sub-Saharan Africa.

“IFC is eager to expand its support to Rwandan businesses that are committed to good practices and that can benefit from our involvement,” said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services. “In addition to promoting tourism, improving operations at the hotel will help create jobs and increase demand for local goods and services.”

About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries.  IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit www.ifc.org.