IFC, Proparco inject $35 million into Inzovu Mall project

By Jane Babirye
On 5 October 2023 at 12:50

The International Finance Corporation (IFC) and Proparco, members of the World Bank Group, have joined forces to propel Kigali into a greener, more sustainable future with a $35 million financing agreement for the Inzovu Mall project. Developed by Groupe Duval, this climate-smart mixed-use property is set to redefine Kigali’s urban landscape while adhering to stringent green building practices.

Inzovu Mall will be situated opposite the Kigali Convention Center, ensuring it becomes a beacon for international visitors. With Kigali’s population growing at an annual rate of 4 percent, this development aims to meet the rising demand for commercial, office, and convention space within the city.

IFC and Proparco are injecting $17.5 million each into this transformative project, which boasts a multifaceted approach. Inzovu Mall is expected to be completed to the tune of $68 million. It will encompass a shopping and entertainment area, serviced apartments, and an office building featuring co-working spaces. Notably, this ambitious endeavor is expected to generate over 700 local jobs, a significant boost to the local economy.

One of the project’s standout features is its commitment to green building practices. Inzovu Mall is set to pursue EDGE certification, showcasing its dedication to sustainability and environmentally-friendly construction techniques. This commitment is perfectly aligned with the Paris Agreement, and it’s at the heart of Proparco’s new strategy, emphasizing "Acting together for greater impacts."

Louis-Victor Duval, Deputy Managing Director of Groupe Duval, expressed his pride in supporting Rwanda’s sustainable growth through Inzovu, while Amena Arif, IFC Country Manager for Rwanda, emphasized the project’s role in fulfilling Kigali’s growing need for business infrastructure and job creation.

Philippe Lagier, Head of Financing for the Services Sector at Proparco, highlighted how Inzovu Mall exemplifies Proparco’s mission towards a more sustainable and resilient economy in Rwanda. The project’s eco-conscious approach will undoubtedly leave a positive mark on the environment.

Besides, Inzovu Mall is expected to pioneer the use of energy-efficient materials and technologies, effectively reducing greenhouse gas emissions. This contributes significantly to Rwanda’s ongoing efforts to combat climate change, aligning with the World Bank Group’s mission to create a poverty-free world on a livable planet.

The artistic impression of Inzovu Mall being developed at former premises of the Ministry of Justice and Supreme Court.
Construction activities for the multibillion project have started.