ITFC finances $100m to boost Maldives energy sector

Officials pose for a photo at the agreement signing ceremony.
Updated 07 January 2018
0

ITFC finances $100m to boost Maldives energy sector

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB), signed with the State Trading Organization (STO), a government owned company in the Maldives, a syndicated Murabaha financing agreement for $100 million.
The Murabaha financing will secure more than 75 percent of the purchase of petroleum product requirements of the Maldives to help boost the economy.
The agreement was signed by Nazeem Noordali, ITFC COO, and Ahmed Shaheer, managing director, STO, in the presence of Mohamed Mihad, Chief Financial Officer, STO, under the auspices of Maldives Finance Minister Ahmed Munawar.
Highlighting the importance of this partnership, Noordali highlighted the importance of maintaining oil price stability in the Maldives
“Securing the energy sector is not only critical for the economic growth of the Maldives, but it is essential for households and public administration that would serve all economic sectors,” he said.
Praising the level of cooperation between STO and ITFC, Shaheer said: “With the government embarking on infrastructure development projects aiming to strengthen and diversify its economy, this financing will serve as the building block for the future growth of the Maldives.”
This deal comes in line with ITFC’s strategy of focusing on key sectors for member countries and supporting intra-OIC trade. Also, leveraging IsDB Group and external partnership.
ITFC has provided $145 million of financing in the Maldives since its inception in 2008.


Ascott debuts in Africa with Kwarleyz Residence

Updated 15 October 2018
0

Ascott debuts in Africa with Kwarleyz Residence

The Ascott Limited has cemented its footprint on the African continent with the opening of its first property in Accra, the capital of Ghana. Kwarleyz Residence, which is managed by Ascott, will be the first upscale international -class serviced residence to enter the flourishing Ghanaian market.
Thomas Wee, Ascott’s deputy managing director for the Middle East, Africa, Turkey and India, said: “Ascott has been managing world-class serviced residences globally for over 30 years. The opening of our first property in Africa, Kwarleyz Residence, enables our worldwide network of corporate clients and the growing international travelers to experience Ascott’s award-winning hospitality on another continent.
“Africa is the world’s second fastest-growing economy after Asia and we see great potential in the region’s hospitality market. Africa’s huge economic growth is fueled by massive infrastructure development, favorable investment policies, and a young population.
With our strong expertise in hospitality management, Ascott aims to set the benchmark in the region by offering business and leisure travelers world-class extended stay accommodation and superior customer service.”
Wee added: “In addition to Kwarleyz Residence, we have secured a contract to manage Ascott 1 Oxford Street which will open in the heart of Accra in 2019.”
Located in the upscale airport residential district, Kwarleyz Residence is surrounded by embassies and the headquarters of gold mining companies. About a five-minute drive from the Kotoka International Airport, the property is within easy access to the Marina Mall at Airport City and Tema Industrial City, via the motorway.
Vincent Miccolis, Ascott’s regional general manager for the Middle East, Africa and Turkey, said: “We are proud to partner with Wonda World Estates to bring the first-of-its-kind hospitality offering to the Ghanaian capital and introduce sophisticated living in Accra with the opening of Kwarleyz Residence.”
Nana Kwame Bediako, president for the Kwarleyz Group of companies, which includes Wonda World Estates, said: “We see this collaborative project with our colleagues at Ascott as another example of Wonda World Estates, Kwarleyz Group, Cola Group and Kensington Residential Partners showcasing, either individually or as a collective, a commitment to the improvement of emerging markets across the African landscape.”
The 40-unit serviced residence provides a variety of studio and one- to three-bedroom apartments.
The property includes facilities such as a restaurant, coffee lounge, sky bar, rooftop garden and basement parking. Guests can relax and rejuvenate in the gymnasium, outdoor pool or spa.
The International Monetary Fund forecasts that Africa’s economy will be the second fastest growing in the world with an annual growth rate of 4.3 percent from 2016 to 2020. Ghana is ranked Africa’s fifth most attractive investment destination. Its foreign direct investment increased by nine percent to a record $3.5 billion in 2016.