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IFC Invests in Alliance Estates to Build Protea Hotel in Takoradi, Ghana

Accra, Ghana, June 24, 2012 : IFC, a member of the World Bank Group, is providing a loan of $5.45 million to Alliance Estates Limited, to build the first Protea Hotel in Takoradi, Ghana; marking IFC’s 101 st hotel investment.  
The 132 room, three-star hotel will help meet demand for business infrastructure as more investors are venturing into the oil producing region of Takoradi.  The Protea hotel will also catalyze local employment by hiring and training 130 new staff, of whom about half are expected to be women.  Alliance Estates Limited is owned by the Mohinani Group and Capital Alliance Property Investment Company (CAPIC).
Ghana’s economy has been expanding at a high level, with growth touching 13.6 percent in 2011. In Takoradi, international hotels are limited, despite increased business traffic from investors interested in developing the oil and gas industry.  The Protea hotel will be amongst the first to provide international-standard rooms, rates and conference facilities. It also marks IFC’s 101 st hotel investment.  
Ashok Mohinani, Executive Director, Mohinani Group, said, “Partnering with IFC and CAPIC will strengthen the Mohinani Group’s drive towards being adding value to the Ghanaian economy through investments in the hospitality industry. We look forward to a successful partnership.”
Obi Nwogugu, Fund Manager of CAPIC, said, “This investment continues our relationship with IFC, towards developing the hospitality industry in West African countries experiencing growth and attracting more business travelers. CAPIC looks forward to a successful partnership with IFC to help meet the needs of Ghana’s economy.”
Yolande Duhem, IFC Director for West and Central Africa said, “As investors grow interested in Sekondi-Takoradi, the Protea Hotel will meet demand for business facilities and accommodation.  In Africa, IFC’s hotel investments are creating an average of 1.5 to 3 jobs for each hotel room and have boosted local economies. Hotels generate tax revenue, provide linkages to local suppliers, and contribute to sustainable growth in a country.”
IFC will work closely with Alliance Estates Limited to ensure international environmental, health and safety standards at the site. The hotel is planning to use local suppliers for food, building materials, and related services.  During the construction period, the project will provide jobs for 250 local laborers.
Due to their multiplier effect on local economies, IFC has invested more than $2.5 billion in hotels since 1956. The Protea investment in Ghana marks IFC’s twentieth hotel project in sub-Saharan Africa.  As Ghana’s economy expands, IFC is seeking to support infrastructure, tourism, agribusiness and small and medium businesses. In fiscal year 2012, IFC expects to invest $250 to 300 million in Ghana.  
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
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