Original disclosure @ MIGA website
Updated in EWS Feb 15, 2023
Disclosed by Bank Jan 17, 2023
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On December 5, 2022, the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group issued two guarantees totaling US$27.5 million to Falcon NBO, a subsidiary of Kasada Hospitality Fund LP (Kasada) of Mauritius, for its equity and shareholder loan investments into Golden Jubilee Limited (GJL) in Kenya. The MIGA guarantees will cover Expropriation, Transfer Restriction and War and Civil Disturbance for a period of up to 15 years for the equity investment and 5 years for the shareholder loan.
Golden Jubilee Limited (GJL) operates the Crowne Plaza Nairobi, a well-established hotel complex in Kenya's capital city. Kasada's investments into GJL involve the acquisition, refurbishment, re-branding and re- positioning of the Crowne Plaza into a dual-branded Pullman-Mercure hotel, featuring an upper scale 162-room Pullman hotel, an upper midscale 44-room Mercure hotel and a modern coworking space.
Kasada is an independent investment platform dedicated to investing in the hospitality sector in Sub-Saharan Africa, advised by Kasada Capital Management. Kasada was launched with the backing of Accor, a French multinational company and one of the world's largest hospitality groups, and Qatar Investment Authority, Qatar's sovereign wealth fund. Over the next few years, Kasada intends to build and acquire a significant portfolio of hotels across Sub-Saharan Africa.
The project is a Category B underMIGA's Policy on Environmental and Social Sustainability.Click hereto view the project's Environmental and Social Review Summary and Environmental and Social Action Plan.
Kasada's investment will allow the hotel to sustain jobs which may have otherwise been terminated due to the COVID-19 impact on the hospitality sector in Kenya. Moreover, Kasada intendsto increase staffing back topre-COVID-19 levels at the hotel. The project is expected to result in positive Environmental and Social effects through energy and water efficiencies, based on Kasada's commitment to pursue IFC EDGE certification. Kasada's investment into energy and water efficiencies should lead to positive demonstration effects on the adoption of sustainability practices. Kasada's investment in the coworking space will contribute to the creation of a business hub through the promotion of business-related infrastructure. Overall, the project will support MIGA's objective of supporting private sector investments, based on the recognition that the private sector is the primary creator of jobs and growth.
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ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org