The International Finance Corporation has partnered with MIDROC Ethiopia to provide an $80 million loan for hotel projects in Addis Ababa.
The funding will support the refurbishment of the Sheraton Addis hotel and the construction of a new Sheraton property. Both will be managed by Marriott International and are expected to become Ethiopia’s first green-certified hotels. Ethiopis Tafara, IFC Regional Vice President for Africa, said tourism is a powerful engine for jobs and revenue. The projects aim to expand premium room capacity ahead of the United Nations Climate Change Conference in November 2027. Jemal Ahmed, CEO of MIDROC Investment Group, stated the collaboration will modernize the hospitality sector and support job creation. The initiative aligns with World Bank Group frameworks on tourism and gender strategy.
