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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Namibia

Kasada Hospitality Fund LP

$17.98 million
Tourism
Summary of Proposed Guarantee
Proposed
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Project Description

This summary covers equity investments by Kasada Hospitality Fund LP (Kasada) of Mauritius, through its wholly owned subsidiary Condor Kite WDH Ltd of Mauritius (Condor), for the acquisition of Safari Hotels (PTY) Ltd of Namibia. This acquisition will be made through JN Hamman Beherende Beleggings (PTY) Ltd, an onshore Namibian company. MIGA has been requested to provide political risk insurance coverage for up to US$ 12.80 million upfront and standby commitment of $5.19 million against the risks of expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance for a period of up to 15 years. This project is part of a Master Contract issued to Kasada Hospitality Fund LP on June 30, 2021.

Kasada Hospitality Fund is a private equity fund with a focus on the Sub-Saharan Africa hospitality sector. The fund is owned by Accor (the 6th largest hotel management company in the world) and the Qatar Investment Authority (Qatar’s sovereign wealth fund) as limited partners. Over the next three years, Kasada expects to establish a portfolio of up to 20 hotels requiring a total investment (debt and equity) of approximately US$1 billion.

Environmental Categorization

The project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary. 

Development Impact

The project will contribute to direct and indirect job creation with spillover effects across the tourism value supply chain in Namibia. In addition to job creation and retained employment, the development impact of the project will also be driven by demand for suppliers as well as government revenues in the form of taxes and foreign exchange earnings. The project will also support overall resilience of the acquired hotel in the context of the challenges faced by the tourism and hospitality sectors in Namibia due to the COVID-19 pandemic.

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