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Marriott Hotel Lease Agreement Signed

The Government of Afghanistan and US-based General Systems International (GSI) executed on April 23 a 99-year lease agreement for the construction of a 209-room, five-star Marriott Hotel in Kabul, Afghanistan.

In a ceremony led by Dr. Mir Mohammad Amin Farhang, Minister of Commerce and Industries and Chairman of the High Commission on Investment, and Mr. Robert Mosbacher, Jr., President and CEO of the Overseas Private Investment Corporation (OPIC) of the United States, Minister Farhang said: “We are delighted that the agreement for the Marriott Hotel has been officially now signed with OPIC. Such investments in Afghanistan are sure to bring positive change to our economy in terms of both job creation and improved services for visitors of Afghanistan based on free market competition. We look forward to inaugurating the hotel and seeing active operations as soon as possible.” This project also signifies the growing partnership between Afghanistan and the United States. “Today’s signing represents tangible progress in advancing this important hotel project, as well as our broader, continued commitment to Afghan reconstruction and renewal,” said Mosbacher.

GSI will build the hotel with $80 million in investments of which $60 million is being financed by OPIC. World renowned Marriott International will manage the hotel which is expected to generate several million dollars annually in foreign exchange revenue as well as 270 permanent jobs for Afghans.

U.S. Ambassador to Afghanistan William B. Wood described the Marriott project as a flagship investment. “This new, major American hotel will be a visible expression of confidence in the future of Afghanistan and the readiness of Afghanistan to promote and cooperate with private investment. Things are looking up,” said Wood.

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