30029 - KHI Ghana

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Summary of Proposed Investment

Project Number

30029

Company Name

KHI GHANA 01 LIMITED

Date SPI Disclosed

Nov 24, 2010

Country

Ghana

Industry

Tourism, Retail and Property

Projected Board Date

Dec 27, 2010

Status

Completed

Sector

City and Business Hotel

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Dec 23, 2010
Signed : Feb 22, 2011
Invested : Dec 13, 2011

Project Description

The Greenfield project consist of developing: (i) a 259-key 5-star hotel to be managed by Mövenpick; (ii) 9,000m2 of Class A office space (with gross lettable area 5,500m2); and (iii) 1,260m2 of retail space (with gross lettable area 900m2) in Accra, the capital of Ghana (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	26.0
Equity

Development Impact

(i) Develop infrastructure: The project will add to the country's critical lack of business infrastructure. (ii) Job creation: The hotel and associated development will create new direct and indirect employment. (iii) Benefits to local suppliers: The hotel is expected to source almost all of their food and non-food purchases locally, thereby providing increased business opportunities to a wide range of local suppliers and sub-contractors, most of whom are SMEs. Going forward, KHI Ghana's operations are expected to offer a significant revenue source to these SMEs, thereby enhancing their competitiveness and growth.

(i) IFC's key role in this proposed investment is the providing long-term funding which is properly aligned with the long-term nature of the financed asset and which is not readily available in the local market, especially during the ongoing economic downturn. (ii) IFC's involvement will ensure compliance with its environmental and social performance standards, thereby strengthening KHI's existing environmental and social performance targets.

This is a Category B project according to IFC’s Environmental and Social Review Procedure. The hotel is located within Accra’s business district on a site that was previously developed for use as a hotel. KHI commissioned a recognized architectural and project management company i.e., Dar-Al-Handasah, to design the facility to recognized international standards. Construction of the hotel is being undertaken with oversight from KHI and Dar-Al-Handasah to ensure project implementation is in accordance with the specified design criteria. Mövenpick, a specialized hotel managed company, will operate the hotel and the company’s internal management policies and procedures typically comply with IFC’s requirements. Specific actions have been defined in the project Environmental and Social Action Plan (ESAP) to enhance environmental and social performance and the project sponsor has the capacity to ensure compliance.

Contacts

For Inquiries About the Project, Contact

Project Manager KHI Ghana 01 Ltd. Movenpick Ambassador Hotel Independence Avenue PMB CT 483, Cantonments Accra, Ghana Tel: 233-302-669-559 Fax: 233-302-669-229 www.kingdomhotels.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

This ESRS document and companion ESAP, the EIA documentation and Environmental Permit will be available at the KHI’s office located at the site and at the offices of the EPA. Contact details are provided below: Kingdom Hotel Investments Mr. Clovis Nader Owner Representative, Project Manager Ambassador Hotel, Independence Ave, Ridge, Accra, Ghana Mobile No: +233-243-66 33 66 Office No: +233-302-669 559 Email: clovis@khighana.com Environmental Protection Agency (E.P.A) Mr. Apa Sampong, E.P.A Assistant Director Address: E.P.A., P.O. Box M326, Accra, Ghana Mobile: +233 277 163 050 Email: esampong@epaghana.org

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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