Kasada Secures Strategic Partnership With IFC to Support the Hospitality Sector in Sub-Saharan Africa
Summary
IFC will extend up to US$160 million of debt funding to Kasada, backing its plan to support the hospitality sector and instil globally recognised ESG practices in its hotels. David Damiba, Managing Partner and CIO, Kasada, said; “This innovative partnership with IFC is the first of its kind in Sub-Saharan Africa and comes at a time when many commercial banks are retreating from the market. We look forward to working closely with IFC and Proparco to achieve the highest guest satisfaction and ESG standards across our portfolio.” Olaf Schmidt, IFC’s Manager for Real Estate, Hotel & Retail, Health & Education and Manufacturing Investments in Africa , said: “Travel and tourism are vital to many economies across Africa and the hotel industry is a critical part of the sector supporting job creation. By investing in a region which offers robust growth opportunities, the Kasada group aims to deliver both attractive risk-adjusted returns to investors, and a long-term positive impact on local economies. To this end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change.
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