(Bloomberg) -- US has injected $81 million in Senegal’s hospitality industry as it backs a government plan to boost tourism’s contribution in the economy.
The US International Development Finance Corporation agreed to lend Dakar-based Vacap Hospitality SA $81 million to meet half of the money needed to develop a Marriott International Inc. project in the capital, Deputy US Secretary of State Kurt Campbell told reporters in Dakar.
The facility represents the biggest ever to be signed in the West African nation’s hospitality industry. The government’s long-term goal is to place Senegal in the top five tourist destinations in Africa, by tripling the number of tourists to more than three million tourists a year.
The development includes two hotels - a Sheraton and Aloft, including conference hall and restaurants. The loan is for 17 years at 6% and a four-year grace period.
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