IFC recently announced its one-hundredth hotel investment in Africa with a $5.5 million financing package to emerging East African-based hotel company, Opulent (B) Ltd., to develop the first DoubleTree by Hilton hotel in Burundi.
By providing international-standard rooms and conference facilities, the project will help improve Burundchecki’s essential business infrastructure at a time when business travel is picking up after years of conflict and many travelers are seeking high-quality accommodation and services. The DoubleTree’s key location in Bujumbura’s central business district will help place Burundi at par with other commercial hubs in East Africa.
Hotels Provide Key Economic Benefits
Since 1956, IFC has invested more than $2.5 billion in 251 hotel projects in developing countries worldwide. These investments have had a major effect on local economies by contributing to economic diversification and sustainable growth. They have boosted the travel and hospitality sectors and generated much-needed jobs, foreign currency, and tax revenue. IFC’s hotel investments create an average of 1.5 to 3 jobs for each hotel room. They also provide supply chain linkages from construction to operation and secure markets for local farmers and SME suppliers.