Kinyinya (IFC-40409)

Countries
  • Rwanda
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
KINYINYA SPV
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 76.50 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.
Project Cost (USD)
$ 226.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 5, 2019

Disclosed by Bank Feb 22, 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.

The project is being undertaken by Kinyinya SPV (the “Company” or “SPV”), composed of 45% debt, 42% equity and 13 % infrastructure in-kind contribution from the Government of Rwanda (“GoR”). Project sponsors and shareholders of the special purpose vehicle formed to implement the Project include: a private developer consortium Broad Rwanda Limited (BRL) consisting of Broad Homes International Co. Ltd (Broad Homes) from China, and BSMART Technology Ltd. (BSMART) from China; and a public sector consortium consisting of Rwanda Social Security Board (RSSB), Development Bank of Rwanda (BRD) and IFC. Broad Homes, a firm specialized in providing integrated solutions of precast concrete construction(including residential and commercial buildings, public facilities, industrial facilities and infrastructure) over the last 20 years, will be the majority shareholder and the Design-and-Build contractor for this project. IFC propose to provide a syndicated debt package of up to US$76.5m consisting of: (i) IFC A Loan of US$25.5 m; (ii) B or parallel loan of US$25.5m and (iii) IDA PSW loan of US$25.5m and an equity investment of up to US$10m split between IFC and IDA PSW each US$5m to Kinyinya SPV for phase one development. The phase one consists of 1,040 affordable apartments, 1,232 middle-cost condominiums, 54 ground-floor commercial lots, 244 villas and 356 units of commercial outlets including a mall, an office tower, a hotel and serviced apartments (the “Project”). The total project cost is estimated at US$226m to be undertaken in four phases to ultimately realize 10,000-unit community development. The proposed Kinyinya township is on 81 ha of land in Kinyinya sector, which is part of the 193.3 ha acquired by Development Bank of Rwanda in 2007 through an expropriation process facilitated by Gasabo District local authority. The project is located 7 km from the proposed new central business district at Muhima, and approximately 8 km from the Kigali International Airport. (1 deg 54' 34.87 S and 30 deg 06' 04.11E). The project’s footprint (Phase I) will utilize 23 ha of land.

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

Kinyinya SPV (the “Company” or “SPV”) is composed of 45% debt, 42% equity and 13 % infrastructure in-kind contribution from the Government of Rwanda (“GoR”). Project sponsors and shareholders of the special purpose vehicle formed to implement the Project include: a private developer consortium Broad Rwanda Limited (BRL) consisting of Broad Homes International Co. Ltd (Broad Homes) from China, and BSMART Technology Ltd. (BSMART) from China; and a public sector consortium consisting of Rwanda Social Security Board (RSSB), Development Bank of Rwanda (BRD) and IFC. Broad Homes, a firm specialized in providing integrated solutions of precast concrete construction (including residential and commercial buildings, public facilities, industrial facilities and infrastructure) over the last 20 years, will be the majority shareholder and the Design-and-Build contractor for this project.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Broad Rwanda Limited (BRL) Parent Company -
- - - - Kinyinya SPV Client -

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: Stephen Teang

Company Name: BRL

Address: B6, Atlantic Business Park, Nairobi, Kenya

Email: stteang@bsmart-solutions.com

Phone: +254 721 338 758

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/

How it works

How it works