IFC, Orascom Development partner to boost green tourism in Egypt
IFC announced on Sunday that it has partnered with Orascom Development Holdings’ (ODH) largest subsidiary, Orascom Development Egypt (ODE)
In El Gouna, a well-known Red Sea beach town, the SLL will fund the developer’s expansion plans and green upgrades, including remodeling the Mövenpick Resort and Spa El Gouna.
The SLL will also be used to strengthen the company’s financial profile hence restructure a portion of its current debt.
Additionally, IFC will assist Orascom Development in obtaining EDGE certification for green buildings at its hotels in El Gouna. An IFC invention called EDGE makes it quick, simple, and economical to scale up resource-efficient structures.
Egypt a popular travel destination
With its historical, cultural, and beach features, Egypt is a popular travel destination.
With 2.5 million 8% of GDP generated in 2023, the tourism sector makes a substantial contribution to the national economy.
Egypt can increase its economic competitiveness and lower operating costs in order to boost tourism in the country.
Omar El Hamamsy, Group CEO of Orascom Development, stated, “This collaboration with the IFC represents a significant turning point in Orascom Development’s path towards creating resilient, sustainable, integrated communities.” Through the creation of dynamic travel destinations that complement the environment and advance Egypt’s economic development, this collaboration demonstrates our dedication as a global developer to promoting a healthier planet.
The tourist sector in Egypt
The tourist sector in Egypt plays a significant role in creating jobs, generating foreign cash, and paying taxes.
The project is in line with Egypt’s Country Climate and Development Report (CCDR) from the World Bank Group.
The World Bank Group’s Country for Egypt, aims to increase the number of high-quality private sector jobs.
Fintech, climate financing, manufacturing, infrastructure, renewable energy, healthcare, gender, and other areas.
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