Azalai Mezz

active

The proposed investment is a corporate C Loan of up to €10 m to Azalai Group (“Azalai” or the “Group”), a regional player in the hotel sector in eight countries in West Africa to support (i) the renovation and expansion of Azalai Hotel Independance (AHI) in Ouagadougou, Burkina Faso (ii) the refinancing of a portion of the recently completed Azalai Hotel Dakar (AHD), in Dakar, Senegal and (iii) the renovation of the Azalai Grand Hotel (AGH) in Bamako, Mali (the Project). Construction activities commenced at the greenfield AHD site in 2017 and completion achieved at the end of 2023. Renovation of the brownfield AHI Ouagadougou and AGH Bamako are expected to be completed by December 2024 and October 2025 while operation of AHI and AGH hotels is slated for beginning and end of 2025 respectively. IFC use of proceeds will be restricted to only AHD, AHI and AGH assets.  Azalai has been an IFC client since 2012, and currently there is an active investment as a loan to the Azalai Abidjan, a subsidiary of Azalai Group (https://disclosures.ifc.org/project-detail/ESRS/31761/compagnie-hoteliere-de-la-lagune-s-a).