The International Finance Corporation (IFC), the World Bank Group’s private-sector arm, has proposed an A-loan of up to 80 million dollars to MIDROC Ethiopia Plc to refurbish the Sheraton Addis and build a new Sheraton property in Addis Abeba. The project will modernise the existing 294-room hotel, long a flagship for business and diplomacy, and add a new facility on the same site. IFC assigned the project an Environmental Category B-Limited classification, signalling manageable, site-specific risks. MIDROC remains majority-owned by Sheikh Mohammed Hussein Ali Al-Amoudi (75pc), with Sofia Saleh Al-Amoudi holding 25pc. Total project costs are estimated at 116 million dollars, pending IFC Board approval around February 28, 2026. IFC highlighted financial and non-financial benefits, including longer-tenor US-dollar financing, scarce in the domestic market, and advisory support to strengthen the company’s environmental and social management systems while adopting international green-building standards.
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