Lagos, Nigeria, June 19, 2014 – IFC,
a member of the World Bank Group, today announced a $9.5 million investment
in Jabi Lake Mall to support demand for modern business infrastructure
and retail space in Abuja, Nigeria. The project will help create about
350 construction jobs and 900 long-term, retail-sector jobs.
The $120 million Jabi Lake Shopping Mall
is being built on five hectares of land on the Jabi Lake waterfront at
Jabi, Federal Capital Territory, Abuja. Once complete, it will be Nigeria’s
largest shopping mall with over 30,000 square meters of shopping space.
The project’s primary sponsor is the Actis Africa Real Estate Fund 2.
Duval Properties is the joint venture partner alongside Actis.
Ms. Amanda Jean Baptiste, Director, Actis
Africa Real Estate Fund 2, said, “Investing in the Jabi Lake Mall demonstrates
Actis’s 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. Our partnership with IFC
will help us draw on their expertise in international best practice in
the environmental and social aspects of the project that affect property
Solomon Adegbie-Quaynor, IFC Country Manager
for Nigeria, said, “Our investment is part of IFC’s strategy to help
strengthen business infrastructure, contribute to economic growth, and
increase job opportunities in Nigeria. Actis is a strong partner in this
regard, that can also transfer best modern retail practices”
Jabi Lake Mall will be the largest retail
development of international standard in Abuja and create links to the
local economy throughout its construction and operation. It will create
new sales channels for Nigerian retailers, including local small and medium
enterprises. Its construction will provide business opportunities for local
suppliers of food, construction materials and services, and will serve
as a catalyst for urban development in the area around the mall.
Construction began on the project in late
2013 and is expected to be completed in 2015.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in more than 100 countries, we
use our capital, expertise, and influence to help eliminate extreme poverty
and promote shared prosperity. In FY13, our 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.
For more information, visit www.ifc.org