The ‘Monrovia Mall’ project had been a topic of interest in the undercurrents of social media for some time, although the details were not entirely clear. A few images of design renderings also circulated to build interest and anticipation among the public — and potential investors.
Now, the much-awaited groundbreaking ceremony for Monrovia Mall, the ‘first of its kind’ modern retail shopping facility in Liberia, will kick off on Wednesday, the 16th of November 2022.
According to a release from the organizers, the ceremony will begin at 11:00 AM and will be at the proposed project location, ERA Supermarket Complex.
The Vice President of Liberia, Jewel Howard Taylor, other dignitaries, and government officials are expected to grace the occasion. Other guests include the International Community, the Business community, Diasporan community, Investors, members of the Diplomatic Corps, and other distinguished individuals.
During the Ceremony, the Vice President will perform the groundbreaking as well as the project unveiling.
The promoters will offer participation in the project on a private placement basis to individuals and institutions(investors) willing to consider an investment in the form of debt or equity.
The total project cost is US$47.4 million and is promoted by the West African Development Company (WADCO). WADCO is owned by Loita Capital Partners International and Era Trade Corporation.
With a pool of renowned African experts (anchored by South-African Design & Architecture) as the core Technical Team, the project promises to be an iconic piece in Liberia and one of the very best in West- Africa.
This is not Loita Capital’s first intervention in the Liberian economy. In 2020, the group assisted opening in Monrovia the investment banking unit of the Liberia Bank for Development and Investment (LBDI).
Loita’s initial intervention in Liberia was the successful creation of a discount facility for the National Social Security and Welfare Corporation (NASSCORP), which was, inter alia, to refinance the Jahmale Diagnostic Medical Centre in Paynesville.
Loita has also been instrumental in advising on, structuring and placing the US$52 million facilities for the Liberian Bankers Association, which benefits the Commercial Banking Sector of Liberia through Afrexim Bank.
In addition, Loita is advising the Ministry of Finance and Development Planning (MFDP) on various disposal strategies for the PUTU iron ore mine, as well as the development of Rail and Port infrastructure in Liberia. Loita will further explore ways of diversifying the country’s financial services sector to support the local public and private sector in accessing international capital markets for long-term financing needs.
Construction works for the Monrovia Mall project will kick off immediately after the groundbreaking and are expected to be finished over an eighteen-month period. The Mall will sit on a total land area of 18,500m2; 10,600m to be developed under phase 1, with apartments and a conference/casino/hotel development under phase 2.
This project has not only set the foundation for additional job creation, the owners say, but it has also offered opportunities for Liberians “not to be spectators but full participants in their own economy”.