Cairo, 29 April 2014 – The African Export-Import Bank (Afreximbank) has granted the Gabonese hotel group, Gabonaise de Tourisme et de l’Hotellerie (GTH), a 24-million Euro loan facility for the development of the Decapolis Rapontchombo which would be managed under the Decameron brand.
According to the Bank, the loan facility is being granted to GTH under Afreximbank’s Construction and Tourism-Linked Relay Facility (Contour) to finance the full refurbishment of the former Novotel Rapontchombo, Libreville, and the construction of two buildings to turn the property into a five-star hotel with 180 rooms and 30 apartments.
Speaking at the Afreximbank Headquarters in Cairo during the signing ceremony for the facility, Jean-Louis Ekra, President of the Bank, said that the transaction reflected the institution’s commitment to supporting Africa’s economic development. According to him, a high quality hotel facility plays an important role in attracting investment by providing a conducive environment for the conduct of business transactions.
Jean-Pierre Lemboumba Lepandou, President of GTH, said that the objective of the promoters was to make the Decapolis Rapontchombo a reference infrastructure not only in Gabon but also in the West and Central Africa regions.
Commending Afreximbank for supporting the project, he said that the Bank’s example had spurred the Gabonese Sovereign Wealth Fund to consider making similar investments in Libreville.
Also speaking, Mamadou Kane, Managing Director of Orabank, Gabon, which is serving as the local administrative agent for the transaction, said that the signing of the facility agreement proved that it was possible to find long-term resources within Africa for the execution of important projects. The project would make significant contributions in terms of job creation in Gabon, he added.
The Decameron Group has already signed a 12-year lease agreement for the management of the new hotel.
——–
About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $30 billion in credit facilities for African businesses, including about $3.5 billion in 2013. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com