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IFC APPROVES US$6 MILLION LOAN FOR KENYA'S TOURISM SECTOR


Amy Conran
(202) 473-9119


WASHINGTON, D.C., Nov. 22 -- The International Finance Corporation (IFC) has approved a loan of US$6 million to help finance the refurbishment of the Nairobi Hilton Hotel in Nairobi, Kenya. IFC has also assisted technically in the project design. International Hotels (Kenya) Limited, the owner of the hotel, is a joint venture between Hilton International, Kenya Tourism Development Corporation, and El Al Israeli Airlines. The refurbishment project includes upgrading all rooms; remodeling the lobby, restaurants, and function rooms; and improving safety and evacuation facilities. The total cost of the project is US$12 million. Hilton International will provide a subordinated loan of US$4 million, and the remaining funds will come from International Hotels' cash flow. "Nairobi's city center hotels are central to the effective functioning of foreign trade and investment as they provide key services for visiting executives as well as world-class accommodations for tourists," said Tei Mante, Director of IFC's Sub-Sa
haran Africa Department. "IFC's technical assistance with the project design has enabled the Nairobi Hilton to meet today's improved life safety standards." IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries.