Afreximbank grants $30m for Silversands Hotel expansion

20 May 2024

A $30m financing facility has been greenlit by the African Export-Import Bank (Afreximbank) for Joyau Des Caraibes Limited (JDC), the Caribbean arm of Ora Developers. This funding will fuel the expansion of the Silversands Hotel in St Georges, Grenada.

Source: Silversands Grand Anse.

Silversands Hotel is part of a luxury chain of hotels owned by Ora Developers, a company renowned for designing and developing luxury lifestyle destinations in unique locations around the world. Grenada is a major touristic hub, that attracts over 2.5 million visitors each year.

The facility will be utilised for the construction of additional rooms, restaurants, retail stores and other recreational facilities aimed at boosting tourism revenues.

While commenting on the deal, Benedict Oramah, president and chairman of the Board of Directors of Afreximbank said: “We are pleased to have reached yet another significant financial close in the Caribbean.

"This financing, expected to expand hotel facilities and ancillary businesses, will boost the tourism industry, create jobs, and develop the economy of Grenada.

"It underscores our commitment to fostering shared growth and prosperity among Africans in geographic Africa, the Caribbean, and beyond. This project, promoted by an African developer, further validates the bank’s strategy of fostering deeper Afri-Caribbean investment relations.”

Economic ties strengthened

Naguib Sawiris, chairman and chief executive officer of Ora Developers said: “We are pleased to be a part of this south-to-south financing agreement with Afreximbank which will lead to accelerated expansion of Silversands' brand in the Caribbean region. I thank Oramah and his team for their part in this initiative for growth in this important touristic region.”

Under its diaspora strategy, Afreximbank has spearheaded numerous trade and investment missions to the Caribbean Islands, fostering strong business-to-business and business-to-government relations.

These efforts have significantly reinforced two-way investments between Africa and the Caribbean, stimulating economic opportunities for both regions. These ties are expected to enhance additional linkages in the future such as direct movement of people and increased economic activities.