CI Housing Prog (IFC-41841)

  • Ivory Coast
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 7, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 30, 2019

Disclosed by Bank Jan 28, 2019

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Project Description

The proposed investment is a program of up to US$100 million equivalent to support the construction and commercialization of affordable houses in Côte d’Ivoire. The Program will provide funding to banks for on-lending to selected housing developers and homebuyers and will be executed in two phases. For Phase 1, IFC has identified two participating banks, namely Banque Atlantique Côte d’Ivoire (BACI) and Société Ivoirienne de Banque (SIB), with a total financing package of US$60 million.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Banque Atlantique Côte d’Ivoire (Client)
  • Société Ivoirienne de Banque (Client)

BACI, currently the largest subsidiary of Atlantic Business International (“ABI”), was established in October 1978. It was a standalone bank until 2009, when BACI merged with COBACI then owned by the same shareholders. ABI owns a 98.9% stake in BACI. ABI’s main shareholders are: Banque Centrale Populaire (BCP) Morocco - 68.3%, Development Partners International (DPI) -  20.2% and Atlantic Financial Group (AFG) - 11.5%. Currently, ABI is present in ten countries in Sub-Saharan Africa.

SIB was established in 1962 as a subsidiary of Credit Agricole SA (France). In 2009, Attijariwafa Bank (Morocco) bought out Credit Agricole and took control of SIB.  The bank is listed on the regional stock exchange, BRVM, in Abidjan. The bank’s largest shareholders are: Attijariwafa Bank (75%), Government of Côte d’Ivoire (5%).  The remaining 20% represents the floating and is held by small investors.

Contact Information

Najoua Abdelmoumen ( and Bakary Yeo ( 
Deputy Managing Director and Head of Corporate Banking 
+225 20 31 59 50 and +225 20 20 00 10 

BACI - Immeuble Atlantique, Avenue Noguès Plateau and SIB - 34 bd Republique, Immeuble Alpha 2000 and 


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