The World Bank Group’s International Financial Corporation (IFC) is considering a US$ 19 million investment in an international standard hotel in Addis Ababa, Ethiopia, Fortune reported.

If the financing materialises, it will be concluded with Tsemex Global Enterprise PLC and its subsidiary, Tsemex Hotels and Business PLC, both owned by Rezene Ayalew, an Ethiopian businessman.

The IFC says that the purpose of its “investment is to help to address the shortage of hotel rooms of an international standard in the capital city, Addis Ababa”.

The two sides are working on the deal with the understanding that the hotel will be managed by the International Hotels Group (IHG) and be branded Crown Plaza Addis. If the deal is successfully concluded, Crown Plaza would be the fourth international brand hotel in Ethiopia, after the Hilton, Sheraton and Radison Blu.

As part of the deal, the IFC will not only offer long term financing, but will also “help to raise additional debt financing for the Project; advise the Company on sustainable business and E&S (environmental and social) practices specific to the property development and hospitality business and avail to the Project its experience in financing hotel projects, particularly in Sub-Saharan Africa”.

The IFC could announce its final decision on March 17, 2014, according to its website.

Source: Fortune