IFC CONTRIBUTING $9M TO ZAMBIAN HOTEL, CONFERENCE CENTRE DEVELOPMENT

The International Finance Corporation (IFC) on
Tuesday announced that it would contribute $9-million towards the construction
of a hotel and conference centre on the outskirts of Lusaka, in Zambia.

Being built by Protea Hotels Zambia, the new hotel
will help meet the growing demand for business infrastructure in Zambia, while
creating jobs for the youth and opportunities for hotel services and goods
providers.

The hotel will have 249 rooms and a large,
multipurpose event venue for up to 2 500 people. The total project cost is
$30-million.

The hotel is expected to employ around 300 people
and will source many of its goods and services locally from Zambian businesses,
while being managed under a Protea Hotels by Marriott franchise agreement,
training local hospitality staff in global best practices on hospitality.

“The Zambia tourism market has grown from the first
time we invested in the Protea Hotels franchise,” said Union Gold chairperson Mark O’Donnell. Union Gold owns the
Protea Hotels franchise in Zambia.

IFC Southern Africa director Kevin Njirani said the
hospitality sector could create jobs, generate tax revenues for governments and
bring business to entrepreneurs in emerging economies like Zambia.

“IFC’s investment and advisory services to the
Protea Hotel will help build new business infrastructure and conference
facilities for investors, as well as integrate the hospitality value chain in
Zambia,” he added.

IFC will complement its investment in Protea hotel
with advisory services on corporate governance and food safety and will also
help small and medium-sized enterprises integrate into the hotel’s supply
chain.

The hotel will incorporate industry green building
standards, leveraging IFC’s Excellence in Design for Greater Efficiencies
(EDGE) tool. EDGE helps property developers optimise building designs to
maximise energy and water efficiencies that can save money while conserving
resources.

Overall, the IFC has invested close to $100-million in Zambia’s economy, in critical sectors like manufacturing, banking, hospitality and agriculture.https://www.engineeringnews.co.za/article/ifc-contributing-9m-to-zambian-hotel-conference-centre-development-2019-07-23