In a significant development aimed at enhancing affordable housing in Côte d’Ivoire, the International Finance Corporation (IFC) has announced its inaugural direct financial partnership with a property developer in West Africa. This initiative involves a local currency financing package granted to Douja Promotion Groupe Addoha Côte d’Ivoire (Addoha CIV).
The IFC is extending a loan worth $27 million, equivalent to the local currency of West African CFA francs, to Addoha CIV, which operates as a subsidiary of the prominent Moroccan real estate developer, Douja Promotion Groupe Addoha. This funding will facilitate the construction and delivery of approximately 5,600 affordable housing units situated in the Greater Abidjan region. Among these, 4,600 units will be specifically designed for lower-middle to middle-income earners, while an estimated 1,000 units will cater to lower-income families.
This initiative is expected to benefit over 23,000 individuals by providing access to quality housing, directly addressing the acute housing shortage that Côte d’Ivoire faces, particularly in the rapidly growing Greater Abidjan area.
The housing crisis in this region is intensified by factors such as swift population growth, urbanization, and increasing migration to Abidjan. Unfortunately, the availability of housing units has not kept pace with demand, highlighting the vital importance of projects like this to enhance living conditions for many Ivoirians.
