A&C Corner Investments Limited (IFC-41983)

Countries
  • Ghana
Geographic location where the impacts of the investment may be experienced.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
Borrower
A & C Development
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 3.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 12, 2019

Disclosed by Bank Oct 1, 2019

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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.

A&C Development Company Limited (“A&C Development” or the “Company”) is a privately held real estate development company based in Accra, Ghana. The company is the developer and owner of A&C Square Mall, a one-stop mall concept consisting of a shopping mall, a fuel station, fitness centre, building, a pool area, two multi-purpose business plazas and a children’s playground. IFC’s invested in 2012 in A&C Development under project # 31433 A&C Mixed Use to support the Company's second phase expansion program of A&S Square Mall, that included the construction of a 3-storey office block and refurbishment of the existing retail mall – publicly disclosed ESRS for this project is available at: https://disclosures.ifc.org/#/projectDetail/ESRS/31433 The Company is seeking a US$3.0 million senior loan to support the development of A&C Corner Mall (‘A&C Corner’ or the ‘Project’), the company’s second shopping mall project, approximately 1km from A&C Corner. The two floor A&C corner will house, 4,011 square meters (“sqm”) of lettable space, and an underground parking space. The mall will operate on 100% off-grid solar photovoltaic system.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.

Contact Person: Andrew Asamoah

Company Name: A&C Development Company Limited,

Address: A&C Square 14 Jungle Road, Christian Center, East Legon, Accra.

P.O. Box 17506Accra, Ghana

Phone: 0244644810

E-mail: asamoaha@aandcdevelopment.com

ACCOUNTABILITY MECHANISM OF IFC

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 CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works