This is a practical template to compute a discount rate for a company/project in a “non-risk-free” country using country equity risk premium derived from a US dollar base. I use Equity Risk Premia and Country Risk Premia published by Professor Aswath Damodaran.
In this template, I used the example of a private hotel based in Mauritius earning Mauritian rupees.
 
Cover Photo by Dominik Ruhl: https://www.pexels.com/photo/green-island-in-the-middle-of-ocean-7744992/