The Mwalimu Nyerere Foundation House

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The originally disclosed project (or “original project”) consisted of the construction and operation on a Build Operate and Transfer (“BOT”) basis of a twenty-storey Class A commercial complex on a plot of land located in the Gardens Area of Dar es Salaam, Tanzania. The BOT contract is between the Mwalimu Nyerere Foundation (“MNF” or the “Foundation”), owner of the land, and CRJE Estate Limited (“CEL” or the “Company”), a fully owned subsidiary of China Railway Jianchang Engineering Company Limited (“CRJE” or the “Sponsor”), the largest construction company in Tanzania. The original plot of land designated for the Project was neighboring key government offices. Subsequent to IFC’s commitment in April 2010, the government imposed a height restriction on all buildings in the Gardens Area and provided CEL with a building permit allowing construction of a six-storey building only. The original project was then put on hold and following negotiations with government, an alternative plot located in the Central Business District (CBD) of Dar es Salaam was provided to the Foundation. The new plot is larger, located in a prime area of the CBD and is not constrained by height restrictions. Similar to the arrangement in the original project, the Foundation, a Tanzanian nongovernmental organization, and CRJE have partnered on a BOT basis to undertake the revised project on the new plot. The revised project concept will involve construction of a thirty two-storey twin tower complex, which will comprise a 250 hotel rooms, 60 serviced apartments, 6,600 m2 of office space, 2,000 m2 of commercial retail space and a 386 car parking bay on a 6,559 square meter plot (the “Project”). The Project will require 36 months to complete. Once commissioned, the Project’s retail and commercial space will be managed and operated by Knight Frank, an international property services company. The Project’s hotel will be managed and operated by Rotana Hotels – an Abu Dhabi-based hotelier and an existing IFC client.