MIDROC Investment Group has signed a historic $80 million long-term loan agreement with the International Finance Corporation (IFC) to transform Ethiopia’s hospitality and tourism sector. The landmark deal, signed in Nairobi, Kenya, by MIDROC CEO Jamal Ahmed and IFC Vice President for Africa Ethiopis Tefera, secures funding dedicated to the modern renovation of the iconic Sheraton Addis, a Luxury Collection Hotel. Additionally, the capital will finance the construction of a brand-new, upscale hotel engineered to match the prestigious Sheraton standards, significantly upgrading the nation’s premium lodging capacity.
The multi-million-dollar financial partnership is projected to generate substantial economic ripple effects across the country, creating more than 9,400 direct and indirect employment opportunities. Strategic emphasis will be placed on securing jobs for youth and women, addressing key demographics in the local labor market. During the signing ceremony, MIDROC CEO Jamal Ahmed highlighted the agreement’s vital role in fostering sustainable domestic job growth, while IFC Vice President Ethiopis Tefera confirmed that the funding is specifically tailored to elevate MIDROC’s service delivery and operational quality to world-class benchmarks.
This massive expansion comes at a critical time as Ethiopia prepares to host the 32nd United Nations Climate Change Conference (COP32). To meet the anticipated surge in international diplomatic travel, MIDROC has rapidly accelerated its hotel development pipeline across Addis Ababa. Prominent ongoing construction projects include the “Moxy by Marriott” inside the Millennium Hall compound, the “Four Points by Sheraton” within the Muhammediya residential village, and the “Westin Addis” located adjacent to the African Union headquarters.
Further diversifying its luxury portfolio, MIDROC has initiated the transformation of the historic Wabi Shebelle Hotel—a recent acquisition by the group—which is being converted into an “Autograph Collection by Marriott” property while preserving its cultural heritage. The hospitality expansion also extends far beyond the capital city. MIDROC is actively developing similar international-standard hotel and resort projects in key regional destinations, including Bahir Dar, Jimma, Hawassa, and the Langano Savannah Resort, aiming to capture broader tourism flows.
Currently, MIDROC Investment Group stands as one of the largest private employers in the country, maintaining a diverse footprint across manufacturing, agriculture, mining, trade, and hospitality. The conglomerate provides livelihoods for more than 80,000 citizens nationwide. This latest financial injection from the IFC is expected to solidify MIDROC’s market leadership while structurally advancing Ethiopia’s broader economic modernization goals through private-sector-led infrastructure development.