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Proparco financing for the rehabilitation of the POLONA hotel in Maputo
December 08th, 2008
 
 
PROPARCO, the Investment company of the AFD Group, has signed a 12,2 million euros financing convention with AKFED in Paris on 08th December 2008. AKFED is the Aga Khan foundation for economic development which owns the Polana hotel in Maputo.
 
The project aims at the complete renovation and modernisation of the Polana hotel, while conserving the front of the building which makes it so unique in Maputo.
 
The Proparco financing amounts the same as the one of DEG, the German financing institution that co finances the project. Proparco financing consists in a long term loan of 9 million US dollars and of a 3,2 million dollars equity investment.
 
That financing will provide the Mozambican capital with a top quality hotel which is necessary to develop luxury tourism and will help welcoming the numerous international events. It thus meets AFD group objectives of private and productive sectors development.
 
 
 * Download the project presentation