IFC backs $27m Cote d’Ivoire housing project.
THE International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed a $27 million loan agreement to finance the construction of affordable housing in Cote d’Ivoire. The funding aims to support the government’s ongoing efforts to reduce the housing deficit in the West African nation.
The financing deal was formalised on Monday in Abidjan between the IFC and Moroccan real estate group Addoha. The signing ceremony was attended by Cote d’Ivoire’s Prime Minister, Robert Beugre Mambe.
Under this agreement, Addoha will accelerate the development of nearly 5,600 low-cost housing units in the city of Abidjan. The project is part of a broader initiative to provide affordable housing for Ivorians, particularly in urban areas where demand remains high.
This latest IFC-backed initiative aligns with Cote d’Ivoire’s Presidential Programme for the Construction of Social and Economic Housing, launched in 2012. According to the Prime Minister’s Office, more than 40,000 housing units have already been completed as part of this programme.
In June 2023, the government and IFC signed a consultancy agreement aimed at mobilising private sector investments to boost the delivery of quality social housing. Monday’s financing announcement is seen as a concrete step towards fulfilling those goals.
Prime Minister Mambe hailed the partnership as a milestone in the country’s housing strategy. He reaffirmed the government’s commitment to improving living conditions by expanding access to affordable homes.
Source: AFRICABRIEFING
