The International Finance Corporation (IFC) has inked a $27 million loan agreement with Moroccan real estate giant Addoha to fast-track construction of 5,600 affordable homes in Abidjan, Ivory Coast, as the West African nation races to ease a chronic housing shortage.
Signed Monday under the gaze of Prime Minister Robert Beugre Mambe, the deal amplifies a decade-long government push to deliver 150,000 units by 2030—a target buoyed by over 40,000 homes built since 2012 under its flagship social housing program.
The financing injects momentum into Abidjan’s sprawling suburbs, where Addoha’s projects aim to curb a deficit exacerbated by rapid urbanization and a population surge. Ivory Coast’s economic hub, home to over 6 million, faces a shortfall of 400,000 housing units, driving slum expansion and rent spikes. The IFC’s bet on Addoha—a key player in North Africa’s affordable housing sector—signals growing private sector appetite for state-backed development initiatives, following a 2023 advisory pact between the Ivorian government and the World Bank arm to lure investors.
“This partnership underscores how targeted private capital can bridge Africa’s infrastructure gaps,” said a representative from the Prime Minister’s Office, noting the deal aligns with President Alassane Ouattara’s urban renewal agenda. Construction is already underway in Abidjan districts like Yopougon and Cocody, where middle- and low-income families grapple with overcrowding.
The IFC’s loan adds firepower to a market long hamstrung by financing bottlenecks. While Ivory Coast’s GDP growth has averaged 7% since 2012, housing supply lags behind demand, with 60% of households unable to afford formal mortgages. By backing Addoha’s modular, cost-effective designs, the IFC aims to demonstrate scalability for similar projects across Francophone Africa—a region where less than 10% of urban housing meets formal standards.
Yet challenges persist: land tenure disputes, bureaucratic delays, and rising construction costs threaten to inflate project timelines. The Ivorian government has countered with tax incentives for developers and streamlined permitting, though critics argue progress remains uneven. For Abidjan’s aspiring homeowners, the stakes are clear—deliver now or risk a crisis that could undercut the nation’s economic ambitions.
