MIDROC Ethiopia (IFC-51174)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ethiopia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Addis Ababa
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 28, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MIDROC Ethiopia PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 116.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 23, 2026

Disclosed by Bank Jan 20, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, Midroc Ethiopia PLC (MEP) is the hospitality arm of MIDROC Investment Group (MIG). MIG is also involved in agriculture/agro-processing, manufacturing, mining, hospitality, real estate/construction, and consumer services.

MEP hotel stay offerings include various categories of rooms and private villas and related housekeeping services, culinary services through restaurants and lounges, spa and fitness facilities/services, third party gift and convenience stores, workshop/business meeting facilities and venues for social events. In 1998, MEP commissioned the 294-room Sheraton Addis Hotel (Sheraton Addis’) located in Kirko Sub-City and engaged Starwood Hotel and Resorts as the operator.
In 2016, Marriot International acquired Starwood Hotel and Resort and took over operations of the Sheraton Addis. In 2023, MEP commissioned a phased remodel of the Sheraton Addis to modernize the hotel. At the time of appraisal, remodeling activities at Sheraton Addis had commenced and were scheduled for completion in 2026.

MEP also intends to construct a 200 key hotel and private villas on 2.5 acres of land within its property. The New Sheraton Hotel will be constructed adjacent to the current Sheraton Addis main hotel building. The construction area consists of a modified urban setting with no physical or economic displacement of persons. The New Sheraton Addis will also be operated by Marriot International under their select and longer stay brands. IFC is proposing an A loan of US$80m to finance the re-modelling and refurbishment of the Sheraton Addis and for construction of the New Sheraton Hotel.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, MIDROC Ethiopia PLC is owned by Sheikh Mohammed Hussein Ali Al-Amoudi (75%) and Mrs. Sofia Saleh Al-Amoudi (25%).

As stated on the company's website, Midroc Investment Group is a group of Sheikh Mohammed Hussien Ali Al-Amoudi’s companies, mainly engaged in Agriculture, Agro-processing, Manufaturing, Mining, Hotel, Resort, Construction, Real-estate, and Commercial endeavors.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - MIDROC Investment Group (Midroc Ethiopia PLC) Client Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Midroc Ethiopia PLC:

Solomon Zewdu  - Deputy CEO, MIDROC Investment Group
Phone: +251 93 598 1950
Email: hoteldceo@midrocinvestmentgroup.com
Address: Nani Building, Addis Ababa, Ethiopia
Website: https://www.midrocinvestmentgroup.com/  

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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

How it works

How it works