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TPS Uganda: A loan to upgrade the Kampala Serena Hotel and support local employment
Project
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Signature date
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Location
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Uganda
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Financing tool
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Financing amount (Euro)
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7198776.21
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Financing details
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Loan of USD 8m
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Customer
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TPS UGANDA LTD
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Type of customer
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Company
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Country of headquarters
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Uganda
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Project number
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PUG1032
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Environmental and social ranking
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B
By contributing to upgrading the Kampala Serena Hotel in Uganda, Proparco is supporting local employment, and ensuring that employee working conditions are improved and that the hotel's ecological footprint is reduced.
Client presentation
The Kampala Serena Hotel (152 rooms), a leading high-end hotel in Kampala, is owned by TPSU and is one of the main assets of TPSEA Group (parent company of TPSU). TPSEA, a company listed on the NSE (Nairobi Stock Exchange), but majority owned by AKFED, today owns the group's hotel activities in East Africa.
Project description
The hotel has not benefited from a major refurbishment for 10 years. The refurbishment under this project has the following components: renovation of the common areas and construction of 32 new rooms.
Project impact
Over the next five years, the project will support the creation of some 50 additional jobs for people, who will benefit from high-quality training. In addition to direct employment, the hotel should support some 2,300 indirect jobs in its value chain. The hotel will offer a product range in line with the highest international standards. Particular attention will consequently be given to employee working conditions and to the ecological footprint of the activity.