(Ecofin Agency) - 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.