IFC, the private sector lending arm of the World Bank Group, has announced a $17.5 million investment in the development of a mega mixed-use building complex in Kigali, the capital city of Rwanda.
The investment will be made in partnership with French real estate conglomerate Duval Group. The project will be located opposite the Kigali Convention Centre and is estimated to have a total cost of nearly $70 million.
Under the agreement, IFC will provide a debt investment of up to $17.5 million through Duval Group’s subsidiary, Duval Great Lakes.
Additionally, IFC aims to mobilize an equal amount from other lenders, bringing the total investment from IFC to $35 million. The remaining funds for the project will be provided by Duval Group.
The mixed-use complex will include a shopping mall, food and beverage outlets, entertainment areas, a service apartment hotel, office spaces, co-working areas, and conference facilities.
This development aligns with Rwanda’s strategy to position itself as a prominent destination for meetings, incentives, conferences, and exhibitions (MICE) in the Eastern and Central Africa region.
Kigali Convention Centre, which opened in 2016, has already established itself as a popular MICE venue in East Africa.
With its state-of-the-art facilities and a net floor area of over 32,000 square meters, the center can accommodate more than 5,000 delegates at a time. The MICE strategy also leverages Rwanda’s thriving tourism industry, known for its famous endangered mountain gorillas that reside in the region.
The investment by IFC and Duval Group will contribute to Rwanda’s economic growth and enhance its position as a hub for regional conferences, events, and tourism.