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.”
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