Tourism Promotion Services Tajikistan Limited

completed

The proposed greenfield project involves the construction and operation of a nine story five-star 85 room hotel in the city center of Dushanbe, Tajikistan at a cost of $37.8 million. The project will be owned and operated by Tourism Promotion Services Limited Tajikistan (“TPST”) under the aegis of Tourism Promotion Services (“TPS”), a subsidiary of the Aga Khan Fund for Economic Development (“AKFED” or the “Sponsor”). AKFED builds, rehabilitates and manages hotels and lodges under the brand name Serena. TPS’s aim is to contribute to economic growth and the overall investment climate in the country of operation in an environmentally and culturally sensitive manner. The project, which is expected to be completed in 2009, will include 10 service apartments and office space, as well as other full service hotel facilities. Significant investment in infrastructure, i.e., water treatment, electricity back up, etc., will also be undertaken to support a future expansion (for a capacity of 200 rooms).