CrownPlaza Addis

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Addis Ababa is a rapidly growing city with an increasing demand for high quality business hotels. Mr. Reyene Ayalew (the “Sponsor”) is an Ethiopian businessman who is the majority shareholder of a family business, Tsemex Global Enterprise plc (“Tsemex” or the “Company”). The Sponsor has approached the IFC to fund its first investment in the hospitality sector in Ethiopia, a greenfield 4-star, 210-key, 8-storey plus 2 basement business hotel in Addis Ababa, Ethiopia (the “Project”). The Project occupies 2260m2 of leased land, and is at an advanced stage of construction (the hotel is expected to be commissioned in the first quarter of 2016). Upon completion, the Project will be branded as a Crowne Plaza Hotel under a full management contract with the Intercontinental Hotels Group (IHG). The Project cost is estimated at US$33 million, of which US$16.5 million (50%) will be provided by the Sponsor. IFC is considering a loan of up to US$11.5 million over 10 years to finance the construction and operation of the Hotel.