Ghana - The Kempinski Accra Hotel Project (An increase of the loan previously approved from USD 16.00 million to USD 18.00 million and a modification of the financing terms.)


Project Summary

Approval Date 27 Sep 2010
Signature Date 19 Oct 2010
Sovereign / Non-Sovereign Non Sovereign
Sector Industry, Minning & Quarrying
DAC Sector Code 33210
Commitment U.A 12,989,262.21
Status Implementation

Project General Description

The project includes the construction and operation of a 267-room 5-star hotel in Accra, which will deliver a world-class accommodation and congress facilities that are required to host the increasing volume of business, cultural and governmental activities. A key focus of this effort is to create links between local and medium sized business along the hotel's supply chain. This project is designed to boost local businesses by increasing the amount of local products and resources in the hotel's supply chain.

Project Objectives

The real innovation in the project is the implementation of a guidance and support program to local SMEs so that they benefit from opportunities for subcontracting work and services during the hotel’s construction. The project supports the Bank’s private sector development strategy by simultaneously putting in place new infrastructure to support the development of local enterprises, and by demonstrating the relevance of public-private partnerships in the hospitality industry, which should facilitate future Bank’s projects in the industry in other parts of the continent. The total cost is estimated at US$ 49.4 million. The project will be financed with US$17.4 million in equity and US$32 million in senior debt from the AfDB and the Barclays Africa Group, ABSA.

Beneficiaries

Kempinski Accra Hotel, the population, local labor (skilled and unskilled workers) and SMEs.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-GH-BC0-003
Last Update 31 Oct 2019

Export

Contact Details

Email private-sector@afdb.org

Geographic Location

Country Ghana
Coordinates Location Name
5.55602 -0.196896 Accra