Twin Palms Mall (IFC-39410)

  • Zambia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Lusaka, Zambia.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 5, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Twin Palm Shopping Mall Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 6.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 24.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 11, 2018

Disclosed by Bank May 30, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This financing is to support Novare Africa Property Fund II to acquire, upgrade and expand the Twin Palms Mall, Phase 1 of which was constructed in Salama Park, Lusaka, Zambia. The site consists of one large retailer (anchor tenant) and 23 other shops, and has a current footprint of 7,500 m2 by 4,500sqm GLA. The project will be implemented through a local special purpose vehicle - Twin Palm Shopping Mall Limited (TPSM) - and will be anchored by established South African supermarket chains. The mall has been fully operational since 2014. The Project will consist of a second Phase to be constructed on the undeveloped portion of Farm 378a, located adjacent to the existing mall and parking area. The expansion area is land zoned for commercial development of 180m x 100m, which constitutes: an open field, a gravel access road to the existing mall’s delivery yard; three shipping containers (storage of mall equipment and stock), and a perimeter fence.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The project sponsor is NAPF II, a US$351 million real estate fund focused on commercial property development in Sub-Saharan Africa. NAPF II achieved final close in June 2016. Novare Fund Manager Limited (Mauritius) is the fund manager and Novare Equity Partners (PTY) Limited (South Africa) is the sub-advisor. Novare currently has four projects in Nigeria of which three are operating malls and one is under construction (an office complex with retail). In addition, Novare has a further operating shopping centre in Mozambique. NAPF II has a pipeline of commercial property projects in Nigeria, Zambia, Mozambique and other SSA countries.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Novare Equity Partners (PTY) Limited Contractor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Novare Fund Manager Limited 
Pieter de Wet 
Managing Director 
+230 263 3062 or +27 21 914 3944 
Suite 510, 5th Floor Barkly Wharf, Le Caudan Waterfront, Port 


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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