AYA Investments is to receive a $21 million loan for the development of the Kampala Hilton Hotel.

A US$20.75 million loan made by the Industrial Development Corporation (IDC of South Africa) is being supported by the African Trade Insurance Agency (ATI)

and Sovereign Risk Insurance (SRI) who will support the political risk insurance policy and the sponsors of the AYA Group will contribute the remaining US$34 million to the $90 million project.

The hotel development expected to create jobs in Uganda, contribute to foreign exchange earnings and improve skills in hotel management was suspended in April after the eastern and western wings had reached the second floor, and was reportedly awaiting a new management team from Germany to take over.

By Kisibo Jackie
Uganda Hotel News