As stated by the IFC, the proposed investment is an up to US$50 million A Loan to Zebra Manufacturing Limited and Future Africa International Trading FZE to finance (i) the development of a Hilton-branded hotel in Lusaka, Zambia; and (ii) development of a warehousing facility in Djibouti.

In Zambia, IFC is providing EDGE Advisory services to Zebra Manufacturing to facilitate EDGE certification for a Hilton-branded hotel in Lusaka. In Djibouti, IFC is advising Future Africa on project preparation activities to enhance the bankability of a warehousing and grain-storage investment. At the corporate level, IFC’s Financial Management Advisory program is assisting Asmara Group in strengthening financial reporting and transparency to support sustainable growth and investment readiness.

• The first component consists of a Hilton-branded hotel in Lusaka, Zambia (Hilton Hotel), operating under a franchise agreement owned and managed by Zebra Manufacturing Limited (Zebra). The project involves the development of a 211-key business hotel located on Thabo Mbeki Road in the central business district, designed to serve corporate, diplomatic, and leisure guests. Hotel construction is at an advanced stage, approximately 75 percent complete at the time of IFC appraisal, with remaining works focused on final finishing and furniture installation. The proposed IFC loan supports completion of these works and initial operational requirements. The hotel site is located on previously developed urban land held under a long-term state lease, renewable every 99 years. The land was acquired through a formal legal transaction in 2015 and was previously vacant, with no history of formal or informal occupation. No land-related issues, including encumbrances, displacement, or legacy claims, have been identified during due diligence, in the available project documentation and following IFC remote sensing risk screening. In parallel, Zebra is developing a water park adjacent to the hotel. The waterpark is not part of the Hilton franchise and is outside the scope of IFC’s investment. It is developed and operated under a separate management and operational model.
  
  
• The second component is a greenfield logistics project in Djibouti, led by Future Africa International Trading FZE (Future Africa). It includes dry bulk grain silos, bagging facilities, warehouses, and logistics infrastructure in the Damerjog Industrial Park to support regional grain distribution, mainly for the Djibouti-Ethiopia corridor. The land is expected to be leased for 30 years within the Damerjog Industrial Park, a large-scale government-led industrial development area. According to the zone-level Environmental and Social Impact Assessment (ESIA), the Industrial Park area is largely undeveloped and was characterized at the time of the study (2018) by limited infrastructure and low-intensity land use, with surrounding populations living in dispersed semi-rural settlements outside the immediate Industrial Park footprint. The available documentation and the IFC site visit do not indicate the presence of formal or informal occupants within the specific Future Africa site. IFC funding is strictly for these assets, with clear connections to identified E&S risks and relevant mitigation measures under Performance Standards 1-4. Based on available information and findings from the site visit, both project sites were acquired or allocated without physical or economic displacement, and no formal or informal occupants, encumbrances, or legacy land-related issues have been identified. Therefore, Performance Standard 5 (Land Acquisition and Involuntary Resettlement) is not applicable to either projects.

As stated by the IFC, Zebra Manufacturing is owned by Mr. Yemane Berhe Weldeslassie (50%) and Mr. Daniel Berhe Weldeslassie (50%). Future Africa is owned by Mr. Daniel Berhe Weldeslassie (100%). Zebra Manufacturing and Future Africa are two independently owned operating companies that are part of the broader Asmara Group based in United Arab Emirates (UAE)

Client - Asmara Holdings Group:

Dhirander Tyagi - Chief Financial Officer
Phone: +971 4 223 9593
Email: d.tyagi@asmaraholdings.com
Address: 2401 Latifa Tower | SZR | PO Box 82094 | Dubai, United Arab Emirates
Website: www.asmaraholdings.com

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