IFC funds $27 million 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. It will provide $27 million to Douja Promotion Groupe Addoha Côte d’Ivoire to help build around 5,600 affordable housing units in Greater Abidjan. This financing aims to address the significant housing shortage in Côte d’Ivoire, particularly due to rapid urbanization and population growth. The project will benefit over 23,000 people, with a focus on lower-middle and lower-income buyers. IFC's investment is supported by the International Development Association's local currency facility, allowing for a longer loan term. As of January 2025, IFC has a $761 million investment portfolio in Côte d’Ivoire, targeting various sectors including housing and infrastructure.