IFC Invests in UACN Property Development to Help Meet Nigeria’s Demand for Business Infrastructure
IFC, the private sector arm of the World Bank Group, today committed to invest in Nigeria’s UACN Property Development Company. The $40 million loan will help the company meet Nigeria’s increasing demand for business infrastructure, such as hotels and office and commercial spaces, creating jobs and contributing to growth.
UPDC will use the money to fund property development projects, including the Victoria Mall Plaza in Lagos, which will have 36 apartments, a 15-story office tower, a multistory car park with about 400 spaces, a shopping center, and a 160-room hotel.
“Nigeria’s main cities are seeing improved commercial and residential facilities due to recent construction and renovation,” said Stephen Mayaki, UPDC’s Managing Director. “IFC is helping UPDC to contribute to improved business infrastructure by complementing new growth with facilities that cater to consumers who look for both value and convenience.”
In 2003, IFC helped UPDC finance the privatization and renovation of the 471-room FESTAC Novotel Hotel complex in Lagos that is due to open in late 2007. IFC advised UPDC on architectural designs for the hotel to ensure that it would meet international fire safety and environmental standards.
“A core part of our strategy is to help build sectors in addition to oil in Nigeria,” said Declan Duff, IFC Vice President for Industries. “Our investment is part of IFC’s continuing efforts to enable private participation in key infrastructure areas in Nigeria.”
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit www.ifc.org.
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