Abidjan, Côte d’Ivoire// – To support affordable housing development for thousands of people in Côte d’Ivoire, IFC today announced its first direct financing for a property developer in West Africa through a local currency financing package for Douja Promotion Groupe Addoha Côte d’Ivoire (Addoha CIV).
IFC will loan Addoha CIV, a subsidiary of Moroccan-based real estate developer Douja Promotion Groupe Addoha, $27 million equivalent in West African CFA francs to support the construction and delivery of about 5,600 affordable housing units in the Greater Abidjan area. The total includes 4,600 houses for lower-middle to middle-income buyers and up to 1,000 houses for lower-income buyers.
More than 23,000 people are expected to benefit from the quality housing, helping Côte d’Ivoire address its large housing shortage, especially in the Greater Abidjan region. This shortage is exacerbated by rapid population growth, urbanization, and migration to Abidjan, while the supply of housing units remains limited.
Anas Sefrioui, President of Douja Promotion Groupe Addoha, said “The partnership with IFC enables the acceleration of urban development initiated by Addoha Côte d’Ivoire in the urban municipality of Attecoubé, specifically in Locodjoro. In this way, we strengthen our commitment to delivering high-quality and affordable housing to meet the needs of Ivorian families. Together, we are building a better future.”
Sérgio Pimenta, IFC’s Vice President for Africa, said, “This investment demonstrates IFC’s commitment to supporting sustainable development and improving living conditions in Côte d’Ivoire. By mobilizing private investment, we are helping bridge the growing housing supply gap for low- and middle-income households and contribute to the country’s socioeconomic development.
It is also a prime example of how Moroccan firms, like Addoha Group, leverage their competitive edge to drive development and economic growth in Africa, underscoring IFC’s commitment to South-South investments and regional integration.”
IFC’s investment is supported by the International Development Association (IDA) Private Sector Window Local Currency Facility (PSW LCF), making it possible to provide a longer-tenured local currency loan.
As of January 2025, IFC has an active investment portfolio of $761 million in Côte d’Ivoire, focusing on focus on housing, agricultural value chains, infrastructure (including digital), capital market development, health, creative industries, and access to finance for SMEs.
