Mount Meru Hotel, Tanzania, refurbished
The Mount Meru Hotel in Tanzania is undergoing a USD25-million refurbishment. The hotel is to be relaunched at the end of the 2010, and the refurbishment is being funded by the Southern Africa Enterprise Development Fund (SAEDF).
The SAEDF was established in 1994 by former US President Bill Clinton, former President Nelson Mandela, and the US Congress for the specific purpose of providing funding to stimulate the creation and expansion of small- and medium-sized indigenous businesses throughout southern Africa.
SAEDF provides wholesale and retail long-term risk capital to promising enterprises from indigenous groups that might otherwise have been ignored by potential investors in the general marketplace. It also co-invests with other institutions or organisations that share the same investment objectives.