UAP signs $5m South Sudan tower dealBy AFRICAREVIEW.COM | Tuesday, May 15 2012 at 17:51
UAP Holdings Limited has signed a S$5 million loan agreement with the International Finance Corporation (IFC) for the development of an ultra-modern commercial office project in Juba, South Sudan.
The 12-storey Equatoria Tower project will be implemented through UAP's South Sudan Property Company.
The agreement was signed in Juba by the Chairman of UAP Properties Limited, Prof Scopas Dima, the Chairman of Central Equatoria Investment Corporation Mr Joseph Kulang John, and IFC’s Chief Executive Officer and Executive Vice-President of the World Bank Group, Mr Lars Thunell.
UAP Group Chairman Joseph B. Wanjui, who witnessed the signing, said that the project was a strong commitment by the group and its partners, Central Equatoria Development Corporation, to the development of infrastructure in South Sudan.
Mr Wanjui commended IFC for their financial support and commitment to the project.
“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,” said Mr Wanjui.
Prof Dima said that the Equatoria Tower would be built with high standards and specifications, which would be a milestone in South Sudan.
The tower will be the tallest building in Juba.
The development has adopted green standards and a certification will be pursued in due course.
Mr Thunell noted that IFC was committed to supporting South Sudan 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 Mr Thunell.
In addition to Equatoria Tower, UAP Group was implementing a residential real estate project in Juba, comprising 15, 2 bed-roomed apartments, which will be completed prior to the end of the year.
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