Afreximbank supports expansion of Silversands Hotel in Grenada with US$30 million facility

Afreximbank supports expansion of Silversands Hotel in Grenada with US$30 million facility
Afreximbank supports expansion of Silversands Hotel in Grenada with US$30 million facility

The African Export-Import Bank (Afreximbank) has approved a US$30 million financing facility for the benefit of Joyau Des Caraibes Limited (JDC), the Caribbean subsidiary of ORA Developers, for the expansion of the hotel Silversands in St Georges, Grenada.

Silversands Hotel is part of a luxury hotel chain owned by ORA Developers, an Egyptian company renowned for the design and development of luxury destinations in unique locations around the world. Grenada is a major tourist destination, attracting more than 2.5 million visitors each year. The facility will be used for the construction of additional rooms, restaurants, retail stores and other recreational facilities aimed at boosting tourism revenue.

Reacting to the agreement, the Professor Benedict Oramah, Chairman of Afreximbank and the Board of Directors of the Bank said: “We are pleased to have once again reached an important financial agreement in the Caribbean. This funding, which is expected to expand hotel facilities and related businesses, will boost the tourism industry, create jobs and grow Grenada’s economy. It underlines our commitment to encouraging shared growth and prosperity among Africans in Africa, the Caribbean and beyond. This project, led by an African promoter, confirms the Bank’s strategy which aims to strengthen investment relations between Africa and the Caribbean.

Mr. Naguib Sawiris, Chairman and CEO of ORA Developers, said: “We are pleased to participate in this South-South financing agreement with Afreximbank, which will accelerate the expansion of the Silversands brand in the Caribbean region. I thank Professor Oramah and his team for their participation in this growth initiative in this important tourism region.”

As part of its diaspora strategy, Afreximbank has led numerous trade and investment missions to the Caribbean Islands, fostering the establishment of strong relationships between businesses and governments. These efforts have significantly strengthened bilateral investments between Africa and the Caribbean, boosting economic opportunities for both regions. These links should make it possible in the future to strengthen other links, such as direct movements of people and increased economic activities.

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