French realtors procure $17.5 million investment for a project in Rwanda

French real estate giant Duval Group to receive a $17.5 million investment from the International Finance Corporation (IFC) for a massive mixed-use building complex in Kigali, Rwanda.
The project, with an estimated total cost of nearly $70 million, aims to create a vibrant complex featuring a shopping center, dining and entertainment district, hotel with service apartments, office and co-working spaces, and conference facilities.
Rwanda seeks to establish itself as a prominent MICE (meetings, incentives, conferences, and exhibits) center, leveraging the success of the Kigali Convention Centre and its rich tourism offerings, including the opportunity to encounter critically endangered mountain gorillas.

The French real estate giant Duval Group will get a $17.5 million investment from the International Finance Corporation (IFC) in order to create a massive mixed-use building complex next to the Kigali Convention Centre in Rwanda's capital.

In a declaration, the World Bank Group's private sector lending arm stated that it would offer the loan through the Duval Group subsidiary Duval Great Lakes and secure up to an additional $17.5 million from other lenders for the project.

“The total project cost is estimated to be up to nearly $70 million. IFC will provide an A-loan of up to $17.5 million and mobilize up to another $17.5 million from other lenders (s)” the IFC said.

The Duval Group will cover the remaining project expenses. The goal is to construct and run a mixed-use complex that includes a shopping center, a dining and entertainment district, and a hotel with service apartments, as well as office, co-working, and conference space. Duval Group will invest around $35 million in the project, according to this.

The enormous French company owns the majority of Duval Great Lakes, with the remaining shares being held by Rwandan tycoon Vicky Murabukirwa, who has significant real estate holdings. Rwanda is attempting to establish itself as a significant MICE (meetings, incentives, conferences, and exhibits) center for Eastern and Central Africa.

For instance, the renowned Kigali Convention Centre (KCC) has been a well-liked MICE destination in the East African area since it opened in 2016, hosting a number of major events.

KCC can accommodate more than 5,000 attendees at once and has amenities for business, leisure, and gatherings. Its net floor size is 32,200 square meters.

The MICE strategy also includes the Rwandan tourism sector, which is well-liked by tourists hoping to see the country's renowned and critically endangered mountain gorillas, who live on bamboo-covered slopes of a volcanic mountain range spanning Rwanda, Uganda, and the Democratic Republic of the Congo.