Turkey’s Summa keen on Africa construction market

Turkish construction group Summa Turizm Yatirimciligi (Summa) has secured additional funding to help develop various construction projects in Senegal and across sub-Saharan Africa

The company has secured €50mn (US$58mn) in financing from the World Bank’s IFC to develop tourism and urban infrastructure projects across the continent in support of job creation and economic 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.

“We see this partnership as a foundation for broader collaboration in key sectors such as transportation, sports infrastructure, tourism and energy — areas vital to the region’s sustainable development and economic growth — whereas Summa possesses a deep reservoir of expertise and a strong track record of delivery.”

The loan agreement will help Summa with its working capital and cover capital expenditure needs for construction projects in select countries across Africa.

Established in 1989, Summa’s main focus today is Africa, working across a range of industry sectors and projects including airports, stadiums, hotels, industrial buildings and facilities.

It also works in the construction of motorways, dams, and other infrastructure networks, such as power transmission lines, pipelines, and land reclamation projects.

Current projects include Osvaldo Vieria International Airport in Guinea Bissau and, in the hospitality sector, the new Courtyard Diamniadio hotel in Senegal.

“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, noting that “these types of investments are essential for driving sustainable economic growth and regional development.”

The combined projects across the region are expected to create more than 2,000 direct and indirect jobs by 2029, while Summa’s operations as a whole will lead to US$225mn in economic value through direct, indirect, and induced effects, the IFC said in a statement.

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