Afreximbank grants US$30M to ORA Developers for Silversands Hotel expansion in Grenada

Silversands Hotel, a part of the luxury hotel chain owned by ORA Developers, renowned for its upscale lifestyle destinations worldwide, will undergo substantial expansion with this financing.

The African Export-Import Bank (Afreximbank) has approved a significant financing facility of US$30 million to Joyau Des Caraibes Limited (JDC), the Caribbean subsidiary of ORA Developers. This funding aims to facilitate the expansion of the renowned Silversands Hotel in St. Georges, Grenada.

Silversands Hotel, a part of the luxury hotel chain owned by ORA Developers, renowned for its upscale lifestyle destinations worldwide, will undergo substantial expansion with this financing. Grenada, a prominent tourist destination attracting over 2.5 million visitors annually, stands to benefit from the added amenities and accommodations.

The financing will be allocated towards the construction of additional rooms, restaurants, retail outlets, and recreational facilities, all geared towards enhancing the tourism sector and bolstering revenue generation. Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, expressed delight in finalizing this significant deal, emphasizing its potential to spur economic growth, create employment opportunities, and bolster Grenada's economy.

Prof. Oramah highlighted Afreximbank's commitment to fostering shared prosperity among African nations and beyond, exemplified by its support for projects initiated by African developers such as ORA Developers. This venture aligns with the bank's strategy to deepen investment relations between Africa and the Caribbean, contributing to mutual economic development.

Mr. Naguib Sawiris, Chairman and CEO of ORA Developers, welcomed the financing agreement with Afreximbank, recognizing its role in accelerating the expansion of the Silversands brand in the Caribbean region. He expressed gratitude to Prof. Oramah and Afreximbank for their collaboration in driving growth in the tourism sector, a vital component of the Caribbean's economy.

Afreximbank's Diaspora strategy has played a pivotal role in fostering trade and investment between Africa and the Caribbean Islands. Through various initiatives, including trade missions and business engagements, the bank has strengthened economic ties between the two regions, paving the way for increased investments and economic opportunities.

The partnership between Afreximbank and ORA Developers exemplifies the potential for deeper collaboration and investment between Africa and the Caribbean. These efforts are expected to facilitate further economic integration, including the movement of people and increased economic activities, fostering growth and prosperity for both regions.