BOAD and its partners grant XOF28 billion to Kalyan Hospitality Development Togo for the rehabilitation and operation

Lomé, 12 August 2015. Kalyan Hospitality Development Togo receives a XOF28 billion loan from the West African Development (BOAD) and its partners including ECOWAS Bank for Investment and Development (EBID), Bank Of Africa-Togo (BOA-Togo), designated as agent bank for the operation, Union Togolaise de Banque (UTB) and Banque Sahélo-Saharienne pour l’Investissement et le Commerce-Togo (BSIC-Togo).

The loan agreement concerning the operation was signed during a ceremony held at BOAD headquarters and highlighted by keynote addresses from Messrs. Bassary Touré, Vice-President of BOAD, Senthilkumar Chidambaram Rajagopal, Vice-President for Business Operations & New Ventures, representing Kalyan Hospitality Development Limited, and Christophe Lassus Lalanne, Managing Director of BOA-Togo. Also in attendance at the ceremony were Messrs. Yaovi Attigbé Ihou, Managing Director of UTB and Oumar Ky, Managing Director of BSIC Togo.

This agreement falls within the scope of a financing arrangement mandate entrusted to BOAD by the Togolese Government and Kalyan Hospitality Development Limited to raise a total amount of XOF28 billion for the implementation of the proposed rehabilitation and operation under “Radisson Blu” banner of Hotel 2 Février in Lomé, by Kalyan Hospitality Development Togo. This project is in line with the Bank’s PPP promotion strategy aimed at developing infrastructure in the WAEMU region.

The implementation of this project will make it possible to create a thousand jobs during both the implementation and operational phase and expand the hotel base in Togo.

In contributing to this project, BOAD and its partners confirm, on the one hand, their willingness to support the economic recovery in Togo, and on the other, to promote a vibrant private sector fulfilling its role as an economic growth vector in the WAEMU member countries.

This loan agreement brings to XOF455 billion the total amount of BOAD’s commitments in Togo, including XOF102 billion for private sector financing.

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