A&C Corner Investments Limited (IFC-41983)

Countries
  • Ghana
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
A & C Development
The holder of the loan, grant, or other investment.
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, converted to USD$. 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

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
  • International Finance Corporation (IFC)
Contact Information

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/