Bally: Azalai Hotels plan to raise $140mn to finance development projects

Azalai Hotels, a prominent West African hotel chain, is looking to raise $140 million to support its ambitious development projects over the next five years. The President of Azalai Hotels, Mossadek Bally, discussed the group's funding needs in an exclusive interview with CNBC Africa at the Africa Investment Forum. Bally emphasized the importance of fast-tracking project financing on the continent, citing the rapidly growing population and the pressing need to create jobs for the millions of young people entering the workforce. With Africa's population projected to reach 1.5 billion in the next 25 years, and critical infrastructure investments falling short of the required $170 billion annually, Bally stressed the urgency of attracting investors to drive economic development. The Africa Investment Forum provided a crucial platform for connecting entrepreneurs like Azalai Hotels with potential financiers to bridge the funding gap and accelerate Africa's growth. Bally highlighted the significance of the forum in facilitating discussions and partnerships that could unlock opportunities for investment in key sectors such as energy transition, infrastructure, and skills development. As an official sponsor of the event, Azalai Hotels actively participated in boardroom sessions to pitch its expansion plans, which include refurbishing existing hotels, expanding current properties, and opening new hotels in additional countries. The engaging discussions with a diverse group of investors, government representatives, private equity firms, banks, and development financial institutions yielded positive feedback and promising leads for future collaborations. Bally commended the event organizers for coordinating a productive platform that showcased Africa's potential as a viable investment destination. Reflecting on the forum's key takeaways, Bally underscored Africa's bankability and minimized risk profile compared to other regions. He urged investors to challenge prevalent misconceptions about the continent's risk and explore the abundant investment opportunities available. Additionally, Bally emphasized the critical need for substantial funding to address Africa's infrastructure deficits, energy requirements, and skills development. He welcomed the increasing presence of international financial institutions and organizations on the continent, signaling a growing confidence in Africa's economic prospects. Looking ahead, Bally called for enhanced political will and regional integration to foster intra-Africa trade and create a seamless market for goods and services. By fostering collaboration and mobilizing resources, Bally believes Africa can unlock its full potential and achieve sustainable economic growth and development.