30518 - Market Shoping Center Kigali

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

30518

Company Name

MARKET SHOPPING CENTER LIMITED

Date SPI Disclosed

Mar 22, 2011

Country

Rwanda

Industry

Tourism, Retail and Property

Projected Board Date

Apr 30, 2011

Status

Active

Sector

Construction and Real Estate

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : May 19, 2011
Signed : Jun 22, 2011
Invested : Dec 6, 2011

Project Description

Market Shopping Center Limited (“MSC” or the “Company”) is a newly created Rwandese real estate company undertaking the development of a $37 million greenfield mixed-use commercial property (the “Complex”) in the Central Business District (CBD) of Kigali, Rwanda (the “Project”). The Complex with a gross leasable area (GLA) of 29,383 m2 would be the first purpose mixed-used commercial complex with first class facilities to offer a combination of retail, accommodation, food, entertainment and office space in Kigali. The Company is seeking an IFC financing package of up to $13 million to support the development of the Project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity	3.0

Development Impact

The project is expected to have the following development impacts: Provision of Business Infrastructure Services: The project will add 29,383 square meters of quality real estate infrastructure to Kigali and support the implementation of the Kigali City Master Plan; Employment: The project will create a minimum of 100 jobs during construction and further 15-20 jobs post construction. The project will also create indirect jobs through supply chains; Demonstration Effect: IFC’s involvement in the project will act as a catalyst to encourage other financial institutions to partner with strong and reputable local sponsors on similar projects in the country; Energy Efficiency: The property design includes energy efficient components like solar powered extractor fans, heat reflective glass etc that when implemented will have a demonstration effect as one of the few true energy efficient buildings in Kigali.

IFC will provide long term funds in local currency at longer tenors than generally available to projects of this nature in the Rwandan Market; IFC will assist the Company develop an energy efficient building using experiences from similar projects implemented by IFC in other emerging countries; IFC will provide environmental, social, health and safety guidance to the project and ensure that the building complies with international environmental standards.

This project is provisionally categorized as B according to IFC’s Environmental and Social Review Procedure. IFC’s early review of this investment has identified the following environmental, social, health and safety issues: compliance with relevant national requirements for an environmental assessment, labor and working conditions, including health and safety during construction, solid waste management, the adequacy of potable water and waste water treatment, and design and construction of the facilities in accordance with recognized building standards, as well as an internationally accepted life, fire and safety standard. Given the development is located within the central business district of Kigali on a site previously occupied by a state-owned post office, at this stage biodiversity and resettlement concerns are not considered applicable. Opportunities to improve energy efficiency and resource use will also need to be considered.

Contacts

For Inquiries About the Project, Contact

Main Sponsor Contact Mr. Makuza Bertin CEO Market Shopping Center Limited P.O. Box 595, Kigali Rwanda Tel: +250573400 Fax: +250573214 Cell: +250788300218 Email: makuzabertin@hotmail.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

Edward Luyombya Managing Director GCG Associates P.O.Box 6800 Kigali Rwanda Tel:+250750278660 Cell: +250722949493/+250750278660 Email: eluyombya@gcgandassociates.com

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer