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AGA KHAN AND IFC HEAD SIGN TANZANIA TOURISM PROJECT AGREEMENT

 PARIS, Oct. 14 /PRNewswire/ -- In Washington, His Highness the Aga Khan and Sir William Ryrie, executive vice president of the International Finance Corp. (IFC), have signed an agreement establishing the IFC's participation in a U.S. $32.5 million tourism project in Tanzania. The co-investors in the project include, in addition to the IFC which is the World Bank's arm for private sector investments, the Aga Khan Fund for Economic Development (AKFED) and the Commonwealth Development Corp. (CDC). A similar agreement is being signed with the CDC.
 The AKFED-initiated project envisages the construction by Tourism Promotion Services (Tanzania) Ltd., a AKFED affiliate, of three safari lodges in the Central Serengeti National Park, by the Ngorongoro Crater and at the Lake Manyara National Park as well as a tented camp in the Western Serengeti National Park. All four sites were chosen after extensive and satisfactory environmental studies had been conducted by three separate independent consultants, on behalf of the IFC and the CDC, and by the Frankfurt Zoological Society for the Tanzanian Government.
 The lodges and tented camp in Tanzania will form part of the chain of four- and five-star Serena hotels in selected locations in East Africa and South Asia managed in collaboration with Serena Tourism Promotion Services S.A. of Switzerland. These units are globally recognized for their distinctive choice of sites and unique architecture and design, reflecting local cultural heritage and craftsmanship, while maintaining the highest international standards of quality, service and comfort.
 AKFED is the entity through which the Aga Khan Development Network carries out its economic development activities worldwide. These activities include, in addition to tourism, the operation of financial institutions and the promotion of industrial enterprises. Through its investments in tourism, AKFED seeks to enable developing countries to use their advantages in climate and geography to revitalize local architectural and craft traditions, create employment and earn foreign exchange while respecting their natural environments.
 The Aga Khan Development Network is a group of institutions working to improve living conditions and opportunities in specific regions of the developing world, in fields ranging from health and education to architecture, rural development, and the promotion of private sector enterprise such as that reflected in the agreements with the IFC and the CDC.
 -0- 10/14/93
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CO: Aga Khan Fund For Economic Development; International Finance Corp. ST: California IN: SU:

EH-JB -- LA020 -- 2225 10/14/93 12:12 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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