TPS Eastern Africa Limited (TPSEAL) trading as the SERENA HOTELS has received approval of a US$ 20 million loan facility from PROPARCO, France to fund capital expenditure needs of the Kenyan portfolio of Hotels, Lodges and Camps to be implemented over a two year period commencing year 2016. The Nairobi Serena Hotel will undergo redevelopment and refurbishment commencing year 2016 on a phased basis. The project will include new conference and banqueting facilities, refurbished bedrooms and public areas. Investments in other Serena properties in Kenya will continue to be implemented on an ongoing basis. PROPARCO's long-term relationship with the TPS Serena Group of Companies include: shareholding in TPS Eastern Africa Limited, a public listed company on the Nairobi Securities Exchange; equity participation in the Kampala Serena Hotel which will add 32 new bedrooms and food & beverage and meeting facilities during the period 2015 and 2016; and equity participation in Dar es Salaam Serena Hotel which is scheduled to undergo refurbishment and extension of the dining areas, Maisha Spa and public areas commencing January 2016. PROPARCO and Serena Hotels continue to build on its long-term relationship and are proud to have been able to play a leading role in the growth and development of the East African region. Both institutions share a common vision and are recognized for making outstanding contribution in an integrated ethical approach towards local economic and human resource development; building economically sound enterprises in the developing world; environmental conservation while seeking to maximize on the socio-economic benefits to the local economy; and promoting awareness of local culture and national heritage in a sensitive manner. "PROPARCO is honoured to support a stakeholder like TPS that has risen to the challenge of promoting sustainable and culturally sensitive tourism in under-served regions." says Claude Periou, CEO of PROPARCO. "Tourism, as an industry, is a major economic growth driver, creator of employment and an effective tool for local development. Sound hospitality infrastructure is essential to a country's attractiveness, competitiveness and ability to draw foreign investment. "Serena's hotels, lodges and resorts distinguish themselves through their contribution to the local economy, their good governance, the training of skilled manpower, the involvement of craft industries and through sensitive conservation of the surrounding area. This includes placing priority on the hiring and training of local residents for employment at all levels," adds Mahmud Janmohamed, Managing Director of Serena Hotels.
About PROPARCO PROPARCO is a Development Finance Institution jointly held by Agence Franaise de Developpement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility. In East Africa, Proparco has signed $1,066m worth of development finance since 1994 (and $204m in 2014 alone). Proparco is particularly active in the areas access of access to finance, energy infrastructure, agriculture, manufacturing, healthcare and education. Contact information: www.proparco.fr; Tel: +254 20 259 2907
TPS Eastern Africa Limited, Serena Hotels Serena Hotels offers quality accommodation in a collection of 24 up-market hotels, safari lodges, camps and resorts within 6 Countries in the Eastern Africa region (Kenya, Mozambique, Rwanda, Tanzania, Uganda and Zanzibar) and 11 properties in Asia (Afghanistan, Pakistan and Tajikistan). Our properties are strategically located to offer exciting circuits for our guests in some of the most exquisite and prime locations in Eastern Africa and Asia. With a focus on product, service standards and guest satisfaction, Serena Hotels continues in its quest to be the hotel of choice for the discerning traveler providing guests with quality accommodation, conference and holiday solutions. Serena Tourism Promotion Services is the tourism arm of the Aga Khan Fund for Economic Development (AKFED), an international development agency. AKFED is a major shareholder of TPS Eastern Africa Limited (listed on the Nairobi Securities Exchange) and has majority shares in TPS. AKFED promotes tourism by building, rehabilitating and managing Hotels, Resorts, Palaces, Forts, Safari Lodges and Camps in selected areas of the developing world that contribute to economic growth and the overall investment climate in an environmentally and culturally sensitive manner. Contact information: www.serenahotels.com; Tel: +254 20 2842000
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