Tourism Promotion Services (Afghanistan) Ltd., a subsidiary of the Aga Khan Fund for Economic Development (AKFED), invested USD 27.8 million (with a USD 7 million loan component from the International Finance Corporation) to establish the Kabul Serena Hotel by completely renovating and expanding the old Kabul Hotel which was originally built in the 1930s. Serena Hotels operates the five-star 160-room hotel.
