Led by French conglomerate Duval, the Inzovu Mall project, comprising shopping and leisure centers, will be partly financed by Proparco and IFC.
The International Finance Corporation (IFC) and Proparco will each loan $17.5 million to the French family company Duval. The two financial institutions announced the move on October 3, in a joint statement.
Duval is to use the money to build and operate a mall, the Inzovu Mall, in Rwanda. The mall will house a hotel, offices, and co-working spaces, as well as leisure areas.
"This project will help Rwanda meet the growing demand for commercial infrastructure while stimulating the country's distribution and construction sectors," said Amena Arif, IFC's head in Rwanda.
The total cost of the Inzovu Mall project is €70 million. Besides Proparco and the IFC’s support, Duval will secure the rest of the money it needs from foreign investors. This project, let it be noted, has been under review in the IFC portfolio since last May.
With this new project, the Duval group continues its expansion in Africa. Led by Pauline Boucon Duval, the real estate holding is present in nine countries, in West and Central Africa.
Chamberline Moko
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might seek to address rating concerns • April 2026 allows...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...