IFC has announced a partnership with 3B Group of Hotels to support the company’s expansion and the upgrading of its existing lodges in the country. The move is also expected to help strengthen Rwanda’s tourism sector and create jobs in the wake of the COVID-19 pandemic.
As part of the partnership agreement, IFC will lend up to Ksh. 421 million (USD 3.7 million) to 3B Group of Hotels to support its construction of a 30-room mid-market safari camp in Akagera in Rwanda’s Great Lakes region. The funds will also be used for refurbishment and upgrading of its three existing properties in Rwanda. IFC’s investment will also help 3B Group of Hotels meet its working capital needs and strengthen its environmental, social, and governance practices. The projects are expected to create more than 90 permanent jobs, and more temporary jobs during the construction phase.
“We are expanding our operations to the eastern region to give our guests a full experience of Rwanda’s tourism offerings and diversity in terms of tourism locations. Most importantly, our expansion will improve 3B Group of Hotel’s average length of stay. So, IFC’s financing has come at a critical stage and will support 3B Group of Hotels to complete construction of the 30-room Akagera Safari Camp Lodge and renovate existing lodges,” said Paul Muvunyi, Chairman, 3B Group of Hotels.
On his part, said Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa said, “Tourism is an important driver of economic growth in Rwanda and other parts of Africa, but the sector needs additional support in the wake of the damaging effects of COVID-19 on trade and travel. IFC’s partnership with 3B Group of Hotels will create jobs and help strengthen Rwanda’s tourism sector as it recovers from the pandemic. IFC invests in tourism because of its positive developmental impact on a range of local businesses.”