IFC to provide $20.5mn to support Egypt’s tourism sector

IFC, a member of the World Bank Group, will provide up to $20.5 million in loans to Credence Hospitality Developments, part of an effort to support Egypt’s tourism sector and help boost job creation and economic growth in the North African country.
The financing will support Credence’s efforts to expand and refurbish an existing 950-room beach hotel in the Red Sea resort town of Hurghada.

Credence plans to add 378 rooms to the development. The financing, which will be committed as two consecutive loans, will also support the construction of three hotels in Cairo, catering to extended-stay corporate travelers.