To address the pressing need for affordable housing in Côte d’Ivoire, the International Finance Corporation (IFC) has announced its first direct financing for a property developer in West Africa. The initiative will provide much-needed residential solutions for thousands of Ivorian families through a local currency financing package for Douja Promotion Groupe Addoha Côte d’Ivoire (Addoha CIV).
Under this agreement, IFC will extend a loan equivalent to $27 million in West African CFA francs to Addoha CIV, a subsidiary of the Moroccan-based real estate developer Douja Promotion Groupe Addoha. This investment aims to facilitate the construction and delivery of approximately 5,600 affordable housing units in the Greater Abidjan area, an economic hub experiencing significant urban expansion. Of these, 4,600 units will cater to lower-middle to middle-income buyers, while up to 1,000 units will be designated for lower-income households.
The project is expected to provide quality housing for more than 23,000 people, contributing to alleviating the severe housing shortage in the region. Rapid population growth, urbanization, and migration to Abidjan have heightened the demand for housing, while supply remains insufficient. The financing from IFC is a crucial step toward addressing these challenges and ensuring greater access to quality, affordable housing for Ivorian families.
Anas Sefrioui, President of Douja Promotion Groupe Addoha, highlighted the significance of the partnership, stating, “The collaboration with IFC accelerates the urban development initiatives led by Addoha Côte d’Ivoire in the municipality of Attecoubé, specifically in Locodjoro. Through this effort, we reinforce our commitment to providing high-quality, affordable housing that meets the needs of Ivorian families and supports the country’s urban growth. Together, we are building a better future.”
Sérgio Pimenta, IFC’s Vice President for Africa, emphasized the broader impact of the investment, saying, “This initiative underscores IFC’s dedication to fostering sustainable development and improving living standards in Côte d’Ivoire. By mobilizing private sector investment, we are closing the housing gap for low- and middle-income households while contributing to the country’s socioeconomic progress. Additionally, this project highlights how Moroccan firms, like Addoha Group, leverage their expertise to drive development across Africa, reinforcing IFC’s commitment to South-South investments and regional integration.”
IFC’s investment is made possible with support from the International Development Association (IDA) Private Sector Window Local Currency Facility (PSW LCF), which allows for the provision of a long-term local currency loan, ensuring financial stability for the project.
As of January 2025, IFC maintains an active investment portfolio of $761 million in Côte d’Ivoire, with strategic investments spanning housing, agricultural value chains, infrastructure (including digital connectivity), capital market development, healthcare, creative industries, and access to finance for small and medium-sized enterprises (SMEs). The ongoing support for affordable housing exemplifies IFC’s broader commitment to enhancing economic resilience and improving livelihoods across the region.
