Source: Front Page Africa
MONROVIA – Vice President Jewel Howard on Wednesday, November 16, 2022 joined other officials of Government and members of the business community to break grounds for the construction of a state-of-the-art modern shopping mall to be constructed at the ERA complex at the Vamoma Junction.
The mall will be the first of its kind to be constructed in Liberia and it will provide business opportunities and space to local investors and businesses.
In her remarks, Liberian Vice President Jewel Howard-Taylor thanked WADCO for seeing the need to invest in the future of the country.
According to her, the investment is a clear sign of a better business climate and the prospect that it will get better, in the not-too-distant future. “People build when there is a future ahead so this investment initiative proves that the leadership of President Weah is open for investment,” the Vice President said.
VP Taylors also stressed the need for the involvement of Liberians, especially young university graduates during the construction process of the mall. Such an opportunity, according to her, will provide jobs and give young people income.
Some of the guests who graced the program include Mr. Justin Chinyanta Board chair and CEO of LOITA, Mr. Thomas Doe Nah, Commissioner General, Liberia Revenue Authority (LRA), Mr. Mowular Gray, Chair, National Investment Commission (NIC) George Haddad, South African and Chinese Ambassadors, amongst many others.
About the Project
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.
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”.
THE AUTHOR: Correspondent, Front Page Africa
