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.
Addoha Group to deliver 5,600 homes in Abidjan
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.
Supporting the Presidential Housing Programme
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.
Ambitious target: 150,000 units by 2030
The government has set an ambitious target of building 150,000 affordable housing units by 2030. Several projects are already underway in the Abidjan metropolitan area, as authorities prioritise addressing the housing needs of the growing urban population.
By collaborating with international financial institutions like the IFC and reputable developers such as Addoha, Cote d’Ivoire hopes to accelerate the pace of construction while ensuring affordability and quality.
Boost for social and economic development
Affordable housing remains a key pillar of Cote d’Ivoire’s social and economic development strategy. The IFC’s $27 million investment is expected to stimulate job creation in the construction sector while improving living standards for thousands of families.
The government and its partners aim to make homeownership more accessible to low- and middle-income households, contributing to urban development and social inclusion.
