CAIRO, CMC—The African Export-Import Bank (Afreximbank) on Wednesday said it had approved a US$30 million financing facility for Joyau Des Caraibes Limited (JDC), the Caribbean subsidiary of ORA Developers, to expand Silversands Hotel in Grenada.
Silversands Hotel is part of a luxury chain of hotels owned by ORA Developers, an Egyptian company renowned for designing and developing luxury lifestyle destinations in unique locations around the world.
According to a statement issued by Afreximbank, Grenada is a central touristic hub that attracts over 2.5 million visitors annually.
The funds will be used to construct additional rooms, restaurants, retail stores, and other recreational facilities, which will boost tourism revenues.
“We are pleased to have reached 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 part of this south-to-south financing agreement with Afreximbank, which will lead to the accelerated expansion of the Silversands brand in the Caribbean region.
“I thank Professor Oramah and his team for participating in this initiative to grow this important tourist 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.
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