MIDROC Ethiopia, IFC Sign $80 Million Deal to Expand Hospitality Sector, Create Over 9,400 Jobs in Ethiopia

Addis Ababa, June 10, 2026 (FMC) — MIDROC Ethiopia PLC, one of Ethiopia’s largest private sector conglomerates, has signed an US$80 million financing agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to expand and modernize Ethiopia’s hospitality sector and strengthen job creation in the tourism economy.

The financing will support the refurbishment of the Sheraton Addis (Luxury Collection) and the development of a new Sheraton hotel in Addis Ababa under MIDROC Ethiopia’s hospitality arm, MIDROC Investment Group.

The project is expected to generate more than 9,400 direct and indirect jobs, with emphasis on expanding formal employment opportunities for young people and women in Ethiopia’s growing hospitality and services sector.

The partnership is aligned with Ethiopia’s broader economic priorities of strengthening tourism as a key pillar of growth, increasing foreign exchange earnings, and expanding domestic employment opportunities.

Speaking on the agreement, International Finance Corporation Regional Vice President for Africa, Ethiopis Tafara, said tourism remains a strong engine for job creation and economic opportunity, noting that the partnership supports both infrastructure expansion and inclusive employment in countries such as Ethiopia.

MIDROC Investment Group Chief Executive Officer, Jemal Ahmed Abdu, said the agreement represents a major step in modernizing Ethiopia’s hospitality sector, while reinforcing the group’s contribution to national development through job creation and service expansion.

The project is also expected to support the development of green-certified hotel facilities in Addis Ababa, contributing to emerging efforts in Ethiopia to promote sustainable construction and environmentally responsible tourism infrastructure.

IFC said the investment is part of its broader engagement with MIDROC across key sectors of Ethiopia’s economy, including agribusiness, manufacturing, and healthcare, aimed at supporting private sector-led growth, diversification, and long-term employment generation.

MIDROC Ethiopia is a major Ethiopian private sector conglomerate operating across multiple industries, including hospitality, agribusiness, manufacturing, mining, construction, and commerce, and employing tens of thousands of people across the country.