The International Finance Corporation is considering a loan of up to $50 million to support two projects developed by Dubai-based Asmara Holdings in Zambia and Djibouti.
The proposed financing would contribute to projects with a combined value of approximately $97 million. IFC’s Board is expected to consider the loan proposal on 15 September 2026.
In Zambia, the financing would support the construction of the Hilton Lusaka Pyramid, a Hilton-branded hotel planned for the Sunningdale neighbourhood near Lusaka’s diplomatic district and Kenneth Kaunda International Airport.
The hotel is being developed by Zebra Manufacturing Limited, a company jointly owned by Yemane Berhe Weldeslassie and Daniel Berhe Weldeslassie. Asmara Holdings already operates a 36-room hotel in Lusaka.
Hilton will provide the brand and hotel management framework, while the project developers will retain ownership of the property.
IFC will also assist the hotel developer in obtaining EDGE environmental certification. The certification promotes energy-efficient, water-efficient and resource-efficient building practices.
In Djibouti, the proposed loan would finance the construction of a warehouse with grain-storage facilities in the Damerjog Industrial Free Zone.
The project is being developed by Future Africa International Trading, which is wholly owned by Daniel Berhe Weldeslassie and forms part of Asmara Holdings.
IFC believes the warehouse could strengthen grain storage, distribution and food-supply chains across Djibouti and the wider Horn of Africa, a region frequently affected by food insecurity and supply disruptions.
Alongside financing, IFC plans to help the Djibouti developer improve financial reporting, governance and the project’s attractiveness to other lenders.
The investments could support tourism and hospitality growth in Zambia while improving logistics and food-security infrastructure in Djibouti.
The financing remains under consideration and will only proceed if approved by IFC’s Board.
