NAIROBI, Kenya, May 15 – UAP Holdings Limited has secured a $5 million loan from the International Finance Corporation (IFC) for construction of the tallest commercial building in the world’s newest capital City, Juba.
Dubbed Equatoria Tower, the 12-storey office development will be undertaken by UAP’s South Sudan Property Company, UAP Properties Limited, and will adopt green standards.
UAP Group Chairman Joseph B. Wanjui said the project is a strong commitment by the UAP Group and its partners, Central Equatoria Development Corporation, to the development of much needed infrastructure in Juba and South Sudan.
“There is an increasing need for quality office space in South Sudan and we believe this project will contribute towards addressing a critical supply gap of high quality offices in South Sudan,” he said.
The Chairman of UAP Properties Limited South Sudan, Scopas Dima, asserted that the Equatoria Tower will herald new standards in Juba and South Sudan.
IFC’s CEO, Lars Thunell noted that the World Bank lending arm was committed to supporting South Sudan’s efforts to build a strong and diverse private sector that will act as a foundation for future growth and job creation.
“The country has already made great strides in improving its investment climate. This is the first project in Juba’s financial district and also the first one to be funded by IFC in South Sudan. We are keen to see the successful completion of this project which we believe will create a nod for future developments in South Sudan,” said Thunell.
South Sudan’s Minister for Finance and Economic Development Jacob Aligo thanked UAP and IFC for their bold steps in making a worthy investment decision.
“As a government we are indebted to UAP for taking the bold step. Equatoria Tower is a discernible investment that will change the face of Juba’s skyline. I would also like to express our gratitude to IFC for their support. This is a seal of endorsement that positions South Sudan as a good investment destination. As a government, we shall endeavour to provide unique avenues for sustainable investment opportunities to all potential investors for the transformation and the advancement of our people,” he said.
The Equatoria Tower development was launched in September 2011 and will be completed by the end of 2013 spanning a total lettable area in excess of 70,000 square feet.
In addition to Equatoria Tower, UAP Group through its subsidiary, UAP Insurance Sudan is implementing a residential project in Juba comprising 15 two bed-roomed apartments, which will be completed before the end of the year.