IFC and Proparco back Abidjan real estate project
IFC and Proparco will jointly loan Groupe Duval up to €32.6 million.
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The International Finance Corporation (IFC) and Proparco, yesterday, at the Africa CEO Forum, announced a partnership with Groupe Duval that will help address the strong demand for quality office space, retail space, and serviced apartments in Abidjan, Côte d'Ivoire.
Under the partnership, IFC and Proparco will jointly loan Groupe Duval up to €32.6 million (€16.3 million each) to support the construction of Village Notre Père, a modern shopping, office, and living space across about 21,000 square metres in Abidjan’s Plateau business district.
An estimated 30% of the project’s area will be rented by Odalys City, a serviced apartment hotel brand of the Groupe Duval.
"Proparco is pleased with the dynamic partnership with Groupe Duval. We are proud to support the real estate project Village Notre Père, which will undoubtedly strengthen the offer of modern and sustainable infrastructure in the Plateau area and enhance Abidjan’s international influence," said Françoise Lombard, Proparco chief executive officer.
Ethiopis Tafara, IFC vice president for Africa, said, "This investment highlights IFC's dedication to advancing Côte d’Ivoire’s urbanisation goals, sustainability and gender issues by implementing EDGE green building certification and creating human resources policies that are inclusive of gender considerations.”
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