According to the Bank’s website, MIGA issued a non-binding Master Contract ("MC") of Guarantee to Kasada Hospitality Fund L.P with an availability period of three years during which Kasada's future hotel investments will be underwritten individually by MIGA under established procedures.
In November 2021, MIGA issued guarantees of up to US$78.9million covering Kasada's first Sub-project named Sub-project Awale, which consists of a portfolio of eight brownfield hotels acquired by Kasada and operated by Accor S.A. in Cameroon, Cote d'Ivoire and Senegal. Under Sub-project Awale, MIGA issued nine contracts of guarantee to provide coverage against the risks of Expropriation, Transfer Restriction, and War and Civil Disturbance for Kasada's equity investments for a period of up to 15 years.
Through Sub-Project Awale, Kasada expects to create direct jobs, with spillover into indirect and induced job creation in the tourism supply chain. Given Kasada's large-targeted equity base and its total financing capacity, the potential investment through the Project into the proposed countries is significant. Therefore, the development impact is expected to be mainly driven by created or retained employment and spillover effects for indirect employment and value creation.
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