Afreximbank, the Africa Export-Import Bank, has greenlit a US$30 million financing package destined for Joyau Des Caraibes Limited (JDC), the Caribbean subsidiary of ORA Developers.
This financial infusion is earmarked for the expansion of the renowned Silversands Hotel located in St. Georges, Grenada.
ORA Developers’ luxurious footprint
Silversands Hotel stands as a jewel within the opulent chain of hotels under ORA Developers’ portfolio.
ORA Developers is globally acknowledged for crafting and curating luxury lifestyle destinations in exclusive locales across the world.
Grenada, a pivotal tourist destination, magnetizes over 2.5 million visitors annually with its captivating allure.
Facilitating tourism growth
The allocated funds will be channeled into augmenting the hotel’s infrastructure, encompassing the construction of additional rooms, dining establishments, retail outlets, and recreational amenities.
This strategic investment aims to catalyze tourism revenue generation in Grenada.
Perspectives from stakeholders
Professor Benedict Oramah, Afreximbank’s President and Chairman of the Board of Directors expressed satisfaction with the financial agreement, underscoring its pivotal role in expanding hotel capacities and ancillary enterprises.
He emphasized the broader implications for job creation and economic development in Grenada, aligning with Afreximbank’s commitment to fostering inclusive growth across Africa and the Caribbean.
Furthermore, Naguib Sawiris, ORA Developers’ Chairman and CEO commended the collaboration with Afreximbank, hailing it as a significant milestone facilitating the accelerated growth of the Silversands brand across the Caribbean.
He extended gratitude to Professor Oramah and the Afreximbank team for their instrumental role in propelling this growth initiative in the region.
Strengthening Afri-Caribbean investment relations
Underpinning its Diaspora strategy, Afreximbank has spearheaded numerous trade and investment missions to the Caribbean Islands.
These endeavors have nurtured robust business-to-business and business-to-government ties, fortifying bilateral investments between Africa and the Caribbean.
Catalyzing economic opportunities
The concerted efforts to bolster economic synergies between Africa and the Caribbean are poised to yield multifaceted benefits, envisaging enhanced linkages such as streamlined movement of people and heightened economic activities.
This convergence sets the stage for a mutually enriching partnership between the two regions, poised for sustained growth and prosperity.
