AKFED GETS US$7 MILLION LOAN FROM IFC FOR KABUL SERENA HOTEL</I> - 2004-06-23

Kabul, Afghanistan, 23rd June, 2004 - The Aga Khan Fund for Economic Development (AKFED) and the International Finance Corporation (IFC), a member of the World Bank Group, charged with promoting private sector investment in the developing world, have signed a US$7 million investment agreement to finance the refurbishment and expansion of the Kabul Serena Hotel as part of a US$28 million project begun in late 2002.