MIGA Guarantees Cassada Fund to Support Hospitality Industry in Sub-Saharan Africa |
The new agreement reflects MIGA’s support for the tourism and hospitality sectors in sub-Saharan Africa, which has faced significant and unprecedented economic challenges as a result of the global COVID-19 epidemic. MASA’s support for Cassada, which is spread across more than 10 countries, has already been realized in Cameroon through a sub-project guaranteeing eight hotel-funded hotels in 2021. Ivory Coast And Senegal.
“Travel and tourism are important for the economies of sub-Saharan Africa, helping employment, strengthening the supply chain and bringing in foreign exchange.” Said Hiroshi’s Executive Vice President of MIGA. “The MIGA guarantee will support job creation and help hotels meet green building standards, resulting in about 20 percent cost savings in energy, water and tangible energy.”
Cassada Hospitality Fund is the first fund of LPA Cassada Group, an investment platform dedicated to hospitality in sub-Saharan Africa, aimed at catalyzing sustainable economic growth and setting standards for ESG practices in the region. Cassada Hospitality Fund LP closed in 2019 with equity commitments in excess of US $ 500 million.
“Our robust and flexible investment platform enables us to create capital injections through finance acquisitions and capex programs that support and assist the sub-Saharan hospitality industry at this crucial time in the cycle.” Said David Damiba, Managing Partner and CIO of Cassada Capital Management. “We are confident in the long-term recovery of this sector. Our partnership with MIGA gives a more optimistic signal to the private sector.”
About Cassada Capital Management
Cassada Capital Management is an independent investment platform in the Cassada Group, dedicated to hospitality investments in sub-Saharan Africa. The firm was launched in 2018 with the support of the Qatar Investment Authority, the Qatari State Sovereign Wealth Fund and the world-leading augmented hospitality group Accor.
Cassada Capital Management’s strategy spans all segments from the economy to luxury and targets both the Greenfield and Brownfield projects. The Casada Group of Hotels operates under the banner of Acor’s wide range of internationally renowned brands. By investing in a region that offers strong growth opportunities, Cassada Group aims to deliver both attractive risk-adjusted returns to investors and a long-term positive impact on the local economy.
In April 2019, Cassada Group closed its first fund, Cassada Hospitality Fund LP, with equity commitments in excess of US $ 500 million.
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MIGA was formed in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping reduce the risks of currency conversion and transfer, breach of contract by governments, seizures and war and civil disruption; And offers credit enhancement to private investors and lenders.
Since its inception, MIGA has issued guarantees of over US $ 65 billion in 120 developing countries.
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