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Afreximbank Provides US$ 30 Million Funding for Expansion of Silversands Hotel in Grenada

Afreximbank has approved a US$ 30 Million financing facility to Joyau Des Caraibes Limited (JDC), the Caribbean subsidiary of ORA Developers, for the expansion of Silversands Hotel in St. Georges, Grenada.

Silversands Hotel, owned by ORA Developers, is part of a luxury chain of hotels known for creating luxury lifestyle destinations in unique locations worldwide. Grenada, a popular tourist destination attracting over 2.5 million visitors annually, will benefit from the construction of additional rooms, restaurants, retail stores, and recreational facilities aimed at increasing tourism revenues.

Prof. Benedict Oramah, President and Chairman of Afreximbank, expressed his excitement about the financial close in the Caribbean. He highlighted the significance of the financing in expanding hotel facilities, boosting tourism, creating jobs, and developing the economy of Grenada.

Chairman and CEO of ORA Developers, Mr. Naguib Sawiris, thanked Afreximbank for their support in accelerating the expansion of the Silversands brand in the Caribbean through this financing agreement.

Under its Diaspora strategy, Afreximbank has played a key role in fostering trade and investment relations between Africa and the Caribbean, leading to economic opportunities for both regions. This partnership is expected to result in increased linkages such as the movement of people and economic activities.

For media inquiries, please contact Vincent Musumba, Manager of Media Relations, at press@afreximbank.com or +20 2 24564100. About Afreximbank: Afreximbank is a Pan-African multilateral financial institution focusing on intra and extra-African trade to support economic growth in Africa and beyond.

As of December 2023, Afreximbank’s total assets and guarantees exceeded US$37 billion, with shareholders’ funds amounting to US$6.1 billion. The Bank has disbursed over US$104 billion between 2016 and 2023 and holds investment grade ratings from various agencies. Afreximbank has evolved into a group entity comprising the Bank, FEDA, and AfrexInsure, headquartered in Cairo, Egypt.

Visit www.Afreximbank.com for more information.

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