BOAD finances the Azalaï Hôtel Indépendance refurbishment project in Ouagadougou for XOF7 billion
Ouagadougou, 17 August 2017. Messrs. Bassary Toure, Vice-President of the West African Development Bank (BOAD), and Mossadeck Bally, Chairman of the Board of Directors of the Société Burkinabè de Promotion Hôtelière (SBPH SA), signed a XOF7 billion loan agreement. The loan was meant for the partial financing of the refurbishment and expansion of the Azalaï Hôtel Indépendance at Ouagadougou in Burkina Faso.
This second loan to SBPH will be used for the refurbishment and expansion of the hotel with a capacity of 230 rooms. In addition to the need to rebuild hotel facilities, the project finds justification in the existence of a buoyant market for high-standard hotels. In that respect, Mr. Bassary Toure pointed out the determination of BOAD to contribute further to the development of this sector, which presents nowadays major challenges to be addressed. To date, BOAD’s financial support to hotel infrastructure sector stands at XOF76 billion extended to all WAEMU member countries and covers twenty-four hotels, including four loans to Azalaï Group. The loan extended to the Société Burkinabè de Promotion Hôtelière (SBPH SA) brings BOAD’s total commitments to Burkina Faso up to roughly XOF472 billion, including XOF87 billion for private sector financing.
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