IFC in London: Carmen Powell
Phone: +44 207 286 5439
E-mail: cpowell@ifc.org
Kampala, Uganda, July 1, 2009—IFC,
a member of the World Bank Group, announced today that it will invest in
Pine Investments to help the Ugandan property developer build and operate
a new office building in downtown Kampala, reducing a shortage of quality
office space that has slowed Uganda’s economic growth.
IFC’s investment will consist of a
$2.5 million senior loan and a $2.5 million subordinated loan. Pine Investments
will build a twin six-story structure with parking for 450 vehicles in
Kampala’s central business district. Construction is scheduled to start
in late 2009. IFC will also work with the company to implement international
health and safety standards at the building, which will be called Rwenzori
Towers.
“IFC’s support will help Pine Investments
implement the highest international environmental, social, health, and
safety standards at Rwenzori Towers,” said Henry Lubwama, Director at
Pine Investments. “IFC’s long-term financing will help Pine Investments
raise additional funds to help address the shortage of good business infrastructure
in Kampala.”
Jean Philippe Prosper, IFC Director
for Eastern and Southern Africa, said, “A lack of long term financing
for property development has been a constraint to economic growth in Uganda
and across much of Sub-Saharan Africa. Providing high quality business
infrastructure will help Uganda attract more investment and support the
country’s economic growth.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments.Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
