MIDROC Investment Group and the International Finance Corporation have signed an 80 million US dollar long-term loan agreement.

The agreement was signed by Jemal Ahmed, CEO of MIDROC Investment Group, and Etiopis Tefera, Vice President for Africa at the International Finance Corporation, in Nairobi, Kenya.

Ato Jemal Ahmed said at the time that the partnership with the international financial institution will play a significant role in modernizing the country's hospitality sector and strengthening sustainable job creation in Ethiopia.

For his part, Ethiopia Tefera said that an agreement has been reached to further modernize the service sector and create additional job opportunities with MIDROC Investment Group.

It is stated that MIDROC Investment Group will renovate the Sheraton Addis Luxury Collection Hotel with the funds raised.

MIDROC Investment Group also indicated that a new hotel will be built at the Sheraton level.

Source (including image): Fana BC