(Business in Cameroon) - On February 12, 2018, the British investment fund Actis announced that the construction of Douala Grand Mall & Business Park has started. This mall is Cameroon’s first regional commercial and entertainment center and is located in Douala.
With the support of Craft Development, Actis’ local partner, a multiplex of five cinemas, a supermarket and stores will be built on an 18,000-square meter area in the framework of this construction project.
The investment fund explained that this was the first phase of a global project which includes the construction of a five-star hotel and an office park for CFA80 billion, according to estimates.
This project benefits from the tax and customs exemption prescribed by the law of April 2013 which encourages private investments in Cameroon. This law grants exemptions from 5 up to 10 years to companies in their installation or operational phase.
“Douala Grand Mall & Business park is a reference project which will provide the vibrant city of Douala with one of its largest “mixed-use” development, built to international standards, and more than 4,500 jobs created during the two consecutive construction and operation phases”, said Mathurin Jidjouc Kamdem, CEO of Craft Development.
With this new investment, Actis is diversifying its portfolio in Cameroon, after it bought back the shares of AES in ENEO some years ago.
Brice R. Mbodiam