The International Finance Corporation (IFC) is considering a debt financing package of up to $300 million for four Moroccan subsidiaries of Egypt’s Pickalbatros Group to fund hotel acquisitions, refurbishments and debt refinancing, according to project documents seen by DevFiNews.
The proposed investment includes an IFC A loan of up to $165 million, partially de-risked through credit insurance under IFC’s Managed Co-Lending Portfolio Program, alongside $135 million mobilized from B and parallel lenders.
Pickalbatros is one of Africa’s largest hospitality platforms, with 39 hotels and about 16,000 rooms across Egypt and Morocco.
The financing will support the acquisition of three hotel assets, the refurbishment and upgrade of newly acquired and selected existing hotels, and the refinancing of existing debt. Implementation is expected to run from 2026 to 2028.
Total project costs are estimated at $386 million, comprising $86 million in sponsor equity and $300 million in debt financing. The project covers hotel assets in Marrakech, Agadir and Casablanca.
IFC said the project includes sustainability-linked features tied to environmental performance improvements. The refurbishments are expected to deliver energy and water efficiency gains and contribute to the development lender’s climate objectives.
The proposed investment follows IFC upstream advisory support to the group, including work to strengthen sustainability practices and establish an appropriate holding structure for its Moroccan operations.
Pickalbatros was established in 1992 by Egyptian businessman Kamel Abou-Ali. The Moroccan subsidiaries are owned directly and indirectly by Abou-Ali and his family.
IFC said its financing would help address limited access to long-term funding in Morocco’s financial market, particularly for sustainable and green investments. The facility would offer a tenor of up to 10 years, which is typically not available in the domestic market.
The lender also plans to help Pickalbatros develop a sustainability framework and obtain EDGE green building certification for selected assets.
IFC expects the project to support job creation, domestic purchases, value addition and links with other sectors of Morocco’s economy, while setting a precedent for sustainable tourism finance in the country.
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