IFC Backs Türkiye’s Summa with €50M to Spur Job Creation and Development in Africa

In a move to accelerate sustainable infrastructure and tourism growth across sub-Saharan Africa, the International Finance Corporation (IFC) has signed a €50 million loan agreement with Summa Turizm Yatirimciligi A.Ş. (Summa), a leading construction and real estate development company headquartered in Türkiye. This strategic financing aims to bolster Summa’s tourism and urban infrastructure projects across the region, driving economic value and creating thousands of jobs.

Unlocking Capital for Development

The funding, which includes working capital and capital expenditure support, is specifically designed to enhance Summa’s ability to execute projects in sectors critical to Africa’s development—including real estate, transportation, hospitality, and sports infrastructure. The €50 million loan forms part of a larger effort by IFC to catalyze cross-border private investments into fragile and underserved markets, particularly those that have historically struggled to attract long-term financing.

With projects underway in several sub-Saharan countries—such as Senegal, Niger, and Rwanda—Summa’s operations are expected to generate more than 2,000 direct and indirect jobs by 2029. In total, the company’s activities will generate approximately $225 million in economic value, contributing to local supply chains, workforce development, and income generation.

Building Foundations for Regional Growth

“We are pleased to have IFC’s support for Summa’s hotel and real estate developments in Senegal and across Africa,” said Selim Bora, Chairman of Summa. “This partnership strengthens our ability to deliver transformative infrastructure that supports inclusive economic growth. We see it as the foundation for broader collaboration in key sectors—such as transportation, energy, sports, and tourism—where our experience and proven delivery capacity make a tangible difference.”

Summa has earned international recognition for executing large-scale projects in record time, such as Dakar Arena in Senegal, Kigali Arena in Rwanda, and various airport and conference center developments that have transformed national tourism and hospitality sectors.

A Strategic Vision for Africa’s Infrastructure

“This investment demonstrates IFC’s commitment to supporting tourism and other urban infrastructure development in African markets,” said Ethiopis Tafara, IFC’s Regional Vice President for Africa. “Investments like these are essential for driving sustainable economic growth, diversifying economies, and creating jobs—especially in areas where private investment is needed most.”

Beyond the direct financial benefits, the partnership also enables knowledge transfer, improved construction standards, and long-term institutional collaboration between African governments and international developers.

South-South Investment in Action

Summa’s partnership with IFC also reflects a broader commitment to encouraging South-South investments—cross-border projects between emerging markets. Hela Cheikhrouhou, IFC’s Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, emphasized the significance of this dynamic. “IFC’s support of a cross-border investment by a Türkiye-based investor into Africa reflects our ongoing commitment to South-South investing,” she said. “It represents a pragmatic and impactful path to development finance, rooted in regional cooperation and mutual growth.”

South-South investment is increasingly recognized as a vital channel for expanding development outcomes, particularly in contexts where traditional foreign direct investment (FDI) remains limited or volatile.

Infrastructure as a Catalyst for Transformation

Tourism and urban infrastructure are among the fastest-growing and highest-impact sectors in Africa. Urban populations are expected to triple by 2050, necessitating resilient cities, modern amenities, and employment-generating developments. Simultaneously, Africa’s tourism potential remains largely untapped despite its rich natural and cultural heritage.

With targeted investment, these sectors can drive forward economic diversification, resilience, and inclusive prosperity. The IFC-Summa partnership aligns with national development strategies and regional priorities set by the African Union and various national governments.