IFC supports retail sector growth with $9.5m investment

International Finance Corporation (IFC), a member of the World Bank Group, has announced a $9.5 million investment in Jabi Lake Mall to support demand for modern business infrastructure and retail space in Abuja, Nigeria.

It is estimated that the construction of the $120 million Jabi Lake Shopping Mall being built on five hectares of land at the Jabi Lake waterfront in Abuja would help create about 350 construction jobs and 900 long-term, retail-sector jobs.

On completion, the mall will be Nigeria’s largest shopping mall with over 30,000 square metres of shopping space. Its primary sponsor is the Actis Africa Real Estate Fund 2. Duval Properties is the joint venture partner alongside Actis.

IFC is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, the company uses its capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In 2013, its investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges.

A couple of years ago, IFC and IFC African, Latin American and Caribbean (IFC-ALAC) Fund, a private equity fund managed by IFC Asset Management Company (IFC-AMC), a wholly-owned subsidiary of IFC, also announced investment of $124 million in the Persianas Group. The investment, according to the corporation, was aimed to support the group’s growth strategy in the rapidly expanding and underserved retail and commercial property market in Nigeria. The investment package consisted of up to $74 million in equity provided by IFC and IFC-ALAC Fund, and $50 million in debt provided by IFC.

“Investing in the Jabi Lake Mall demonstrates Actis’ commitment to developing world-class retail destinations and adding to the domestic infrastructure in Nigeria, as well as our support for the growing demands of a rapidly changing economy,” said Amanda Jean Baptiste, director, Actis Africa Real Estate Fund 2.