5 min

BOAD and SPG AKWABA sign a loan agreement worth 9.2 billion FCFA to strengthen the hotel sector in Côte d’Ivoire.

Abidjan, September 21, 2023 – The Banque Ouest Africaine de Développement (BOAD) and Société de Patrimoine et de Gestion AKWABA SA (SPG AKWABA) signed a loan agreement on Thursday, September 21, 2023, in the amount of FCFA 9.2 billion, for the partial financing of a project to build and operate a 4-star luxury hotel under the GOLDEN TULIP AKWABA banner, in Abidjan (Biétry), Côte d’Ivoire.

Part of Côte d’Ivoire’s National Development Plan (NDP), this project, costing a total of 33.2 billion FCFA, aims to revitalize Côte d’Ivoire as a destination, optimizing its potential and making the country a tourist hub and business center. It is also in line with the BOAD’s DJOLIBA 2021-2025 Plan, in particular axis no. 2, which aims to contribute to the creation of value and productive jobs, in support of governments, the private sector, and specifically business tourism, in the West African Economic and Monetary Union (UEMOA).

The overall objective of the project is to strengthen the hotel offer in Côte d’Ivoire by installing additional capacity in the 4- and 5-star segment.

The hotel will have a capacity of two hundred and five (205) rooms, accommodating up to four hundred and ten (410) people, and offering 5 PMR rooms (for people with reduced mobility), one (01) conference room for two hundred (200) people and a modular space with ten (10) meeting rooms. The Project will also include These include: one (01) bar, two (02) restaurants, one (01) boutique, one (01) infirmary, one (01) gym and one (01) SPA, one (01) swimming pool, management apartments, hotel administration offices, service areas, technical premises, one (01) eighty (80)-place covered parking lot and a garden.

The built-up area represents 20,000 m² on a land area equivalent to 6,653 m², providing adequate space for the development of green spaces and a parking lot.

KERALES ADVISORY PARTNERS, SPG AKWABA’s exclusive financial advisor in charge of structuring the financial package and fund-raising, has approached BOAD to secure financing for this project to the tune of nine billion two hundred million (9,200,000,000) CFA francs.

The remaining bank financing for the project was raised from Banque Nationale d’Investissement (BNI) Côte d’Ivoire, to the tune of 9 billion (9 000 000 000) CFA francs.

About BOAD

The Banque Ouest Africaine de Développement (BOAD) is the joint financial development institution of the member countries of the Union Economique et Monétaire Ouest Africaine (UMOA). In accordance with Article 2 of its Articles of Association, its purpose is to promote the balanced development of its member countries and foster the economic integration of West Africa, by financing priority development projects. It is accredited with the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD has been an observer at the UNFCCC, taking an active part in discussions on the development of an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Center (RCC) on the Clean Development Mechanism (CDM), which aims to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. The Bank is an active member of the International Development Finance Club (IDFC), which brings together 26 national, regional and bilateral development banks.

For further information

Communication and Public Relations Department

Tel : + 228 22 23 25 65 / WhatsApp : +228 99 99 32 15

Fax : + 228 22 23 24 38

Email : boadsiege@boad.org



Société de Patrimoine et de Gestion AKWABA (SPG AKWABA) SA is a limited company incorporated under Ivorian law and owned by local promoters and private individuals, as well as Ivorian institutional investors.                                                                                                                                           

In implementing this hotel project, SPG AKWABA SA benefits from the technical hotel expertise and managerial skills of LOUVRE HOTELS GROUP, through a management assistance contract, via its dedicated legal entity, Golden Tulip Afrique Francophone SAS.