See below the full statement issued:
African Export – Import Bank (Afreximbank) has approved a US$ 30 Million financing facility to Joyau Des Caraibes Limited (JDC); the Caribbean subsidiary of ORA Developers, for the expansion of Silversands Hotel in St. Georges, Grenada.
Silversands Hotel is part of a luxury chain of hotels owned by ORA Developers, an Egyptian firm renowned for designing and developing luxury lifestyle destinations in unique locations around the world. Grenada is a major touristic hub, that attracts over 2.5 million visitors each year. The facility will be utilised for the construction of additional rooms, restaurants, retail stores and other recreational facilities aimed at boosting tourism revenues.
While commenting on the deal, Prof. Benedict Oramah, President, and Chairman of the Board of Directors of Afreximbank said: “We are pleased to have reached yet another significant financial close in the Caribbean. This financing, expected to expand hotel facilities and ancillary businesses, will boost the tourism industry, create jobs, and develop the economy of Grenada. It underscores our commitment to fostering shared growth and prosperity among Africans in geographic Africa, the Caribbean, and beyond. This project, promoted by an African developer, further validates the Bank’s strategy of fostering deeper Afri-Caribbean investment relations.”
Mr. Naguib Sawiris, Chairman and CEO of ORA Developers said: “We are pleased to be a part of this south-to-south financing agreement with Afreximbank which will lead to accelerated expansion of Silversands brand in the Caribbean region. I thank Prof. Oramah and his team for their part in this initiative for growth in this important touristic region.”
Under its Diaspora strategy, Afreximbank has spearheaded numerous trade and investment missions to the Caribbean Islands, fostering strong business-to-business and business-to-government relations. These efforts have significantly reinforced two-way investments between Africa and the Caribbean, stimulating economic opportunities for both regions. These ties are expected to enhance additional linkages in the future such as direct movement of people and increased economic activities.
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate, and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing and ancillary solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization, intra-African trade, thereby boosting economic expansion in Africa and for Africans around the world. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement. The AFCFTA Secretariat and the Bank have created a USD 10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.
At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37 billion, and its shareholders funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact equity fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo the Capital of Egypt.
