ADDIS ABABA — The International Finance Corporation (IFC) has officially finalized an $80 million long-term loan to MIDROC Ethiopia PLC. The major funding package will bankroll both a comprehensive refurbishment of the iconic Sheraton Addis and the construction of a brand-new, Sheraton-branded hotel in the capital city.
The deal—which formalizes a proposal first revealed in January—stands as one of the largest recent injections of capital into Ethiopia’s hospitality industry. According to project estimates, the massive dual development is expected to support over 9,400 direct and indirect jobs, with a particular focus on employment for women and youth.
Beyond expanding premium lodging capacity, the project marks a significant milestone for sustainable development. The IFC noted that the upgrades and new build will introduce Ethiopia’s very first green-certified hotels, aligning the properties with modern, eco-friendly building standards.
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