The International Finance Corporation (IFC) is providing will provide a $7.8 million loan to the Compagnie Hôtelière de la Lagune S.A., the Ivorian company of the Azalai Hotels Group.

The loan will support the construction of a new business hotel that will contribute to the revitalization of commercial infrastructure in Abidjan, the IFC said last week after announcing the investment.

According to the private arm of the World Bank Group, the project is expected to create 160 direct jobs amidst a time when unemployment is high in Ivory Coast following years of conflict.

In a statement, Atul Mehta, IFC Director for the Global Manufacturing, Agribusiness and Services department said “This investment meets two of our strategic goals: to boost African-grown businesses and to promote tourism in frontier markets, especially those affected by conflicts.”

“It will support the rebuilding of critical business infrastructure needed to further attract foreign investors in Côte d’Ivoire, after 10 years of conflict.”

Commenting, Mossadeck Bally, CEO of the Azalai Hotels Group said “As we expand our operations to Côte d’Ivoire, IFC’s loan will enable us to access long term finance, and we will benefit from IFC’s environmental and social expertise, including advice on green building.”

The project consists of developing and managing a four-star business hotel. The hotel facilities will also include restaurants, conference rooms, and parking. The targeted clientele consists mostly of African business travelers.

Azalai Hotels now owns and operates seven hotels across four West African countries, providing 700 hundred rooms, employing 650 staff, and operating a hospitality training academy.