IFC Helps Retailers and Property Developers Create Opportunity for Small Entrepreneurs in Central America and Colombia
Washington, D.C. October 11, 2011—Rosa Carbajal needed more space for her small shoe store in the Multiplaza Shopping Complex in Tegucigalpa, Honduras.
So when Grupo Roble decided to expand the mall, she seized the opportunity to grow her business. Now, she owns four stores in the complex, covering more than four thousand square feet—six times larger than her original store.
IFC-Supported Multi-Purpose Complexes Generate 50,000 Jobs
Supported by IFC, Grupo Roble’s multi-purpose complexes in Honduras—one in San Pedro Sula and two in Tegucigalpa—provide more than 1 million square feet of space for shops, supermarkets, offices, and restaurants. With over 23 million visitors a year, they have helped transform the region’s economy by generating more than 50,000 jobs.
Seventy percent of tenants—about 1,500 store owners like Carbajal—operate small and medium enterprises. Besides creating much-needed business infrastructure, the malls have boosted demand for locally sourced materials and labor, and generated tax revenues.
Grupo Poma—Roble’s parent company—has been an IFC client since 1976. Since then, IFC has helped the company develop seven projects with investments totaling approximately $80 million. These projects are across Central America, including in two poor countries eligible to borrow from the International Development Association—Honduras and Nicaragua.
Opportunities to Improve Energy Consumption
Most recently, IFC provided $50 million to refurbish existing hotels and shopping malls, and build new hotels in Central America and Colombia. IFC will also help the company identify opportunities to improve energy consumption at selected hotels and shopping centers, and provide business advisory services to train tenants.