The International Finance Corporation (IFC) in collaboration with Proparco, have announced a $35.0 mn investment into Rwanda’s $70 mn Inzovu Mall project. This follows IFC’s approval of a $17.4 mn loan towards the development by Groupe Duval in July 2023, and with a promise to mobilize an additional $17.4 mn funding from other lenders. In this case it is now Proparco. The remaining portion of financing will be provided by the developer and possibly other investors, as stated by IFC.

 

Notably, the multi-million US Dollar project is being built in line with IFC’s green building practices, which encourages the adoption of water and energy efficient techniques. This is in addition to aligning with Rwanda’s Country Climate and Development (CCDR) report by the World Bank as well. Precisely, the report highlights a climate compatible urbanization as one of the interventions aimed at supporting the country’s green development.

 

Inzovu Mall is a 40,000 m2 mixed use development project located in Rwanda’s capital city, Kigali. Its construction commenced in August 2023, and is being developed by Duval Great Lakes, the project entity of Groupe Duval. The project comprises a retail centre, entertainment area, serviced apartment hotel, and an office building with co-working spaces. It is expected to be completed in September 2025.

 

IFC and Proparco’s aforementioned collaboration marks another milestone of their continued support towards the development and performance of Africa’s property market. Barely three months ago, both investors collaborated to support the renovation of Kenya’s Crowne Plaza Hotel, through a $22 mn loan to Kasada Hospitality Fund. These recent events are a positive signal for Rwanda’s investment landscape as they will improve the stock of quality commercial property, provide employment opportunities, and promote quality and sustainable livelihoods. The strategic location of the project near the Kigali Convention Centre is also expected to boost its performance, as it will attract both local and international visitors.

 

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