Cote d’Ivoire’s Saint Paul Project Awaiting IFC Funding
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The IFC’s board of directors are due to meet on 26 March to approve a €16.3 million (US$17.6 million) loan to support the Saint Paul mixed-use development in Cote d’Ivoire’s capital Abidjan.
The project, which is being developed by France’s Duval Group, is located on a 22,525-square-metre site in the Plateau district that includes the former Saint Paul school, as well as a sanctuary and presbytery.
The complex will feature the eight-storey Odalys City Saint-Paul aparthotel with 130 rooms, an eight-storey office building and retail spaces such as supermarket, shops and restaurants. The project also provides for the renovation of the sanctuary and presbytery.
The total project cost is estimated at €64 million (US$69.3 million). The IFC plans to mobilise up to €16.3 million in additional funding from other lenders and Duval Group will finance the remainder of the construction cost. The group has approached the French Development Agency’s Proparco and Societe Generale Cote d’Ivoire for support.
Construction is expected to start in the second quarter and last up to 27 months.
Saint Paul development masterplanSource: Project document, 2024The construction phase is expected to employ up to 1,000 workers.
Duval Group subsidiary Pelegrina Immobilier Cote d’Ivoire (PICI) signed the land agreement for the Saint Paul development with the Archdiocese of Abidjan in 2021.
The environmental and social impact study was carried out by PICI, the local Cabinet Enval and France’s BRL Ingenierie, while the UK’s Insuco prepared the livelihood restoration plan.
Saint Paul development renderingSource: Project document, 2022Duval Group is also developing the US$68 million Inzovu Mall opposite the Kigali Convention Centre in Rwanda. The IFC and Proparco each agreed to provide a US$17.5 million loan to support the project in October 2023. Duval and other equity investors will cover the remainder of the project cost.
The group’s subsidiary Duval Great Lakes began work on the project in August, according to the local The New Times publication. The 40,000-square-metre multi-purpose development is due for completion in September 2025
Inzovu Mall will feature a shopping and entertainment area, serviced apartments, and an office building with co-working spaces.
👏Congrats to @GroupeDuval on the Inzovu Mall in #Kigali : a climate-smart, mixed-use property project. It will apply green building practices and create hundreds of jobs. @Proparco and @IFC_org are supporting it by providing each a $17.5 million loan.▶️https://t.co/P3VUbU7Vje pic.twitter.com/DNERCNxzfk
— Proparco (@Proparco) October 3, 2023
Top photo: Saint Paul development rendering (Source: Project document, 2022)
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