Several Moroccan businesses have become reputable in Cote d’Ivoire, notably in the fields of finance, telecommunications, and real estate.
Rabat – Moroccan housing operator “Palmeraie Developpement” has signed a convention with Cote d’Ivoire’s government to build 15,000 accommodations for Ivorian teachers.
The parties signed the agreement during a ceremony on Wednesday, July 1, in Abidjan, Cote d’Ivoire’s major urban center.
The project involves two subsidiaries of Palmeraie Developpement—Saada Cote d’Ivoire and INVIMO—as well as two Ivorian companies—OPES Holding SA and Fondscarre Consulting Group.
The project requires an investment of approximately 350 billion CFA Francs ($601 million) and will be built over a 128 hectare area in Bingerville, 10 kilometers east of Abidjan.
The Moroccan parties will be in charge of piloting the technical phase of the project and supervising the construction works, the General Director of Saada Cote d’Ivoire, Noureddine Fisli, told the press.
The Moroccan businesses will also provide the necessary experience in managing the accommodations after the construction is finished, through a “rent-sale” model.
The 15,000 accommodations are part of a social project to host Ivorian teachers who will be able to purchase the properties over a maximal duration of 25 years, through paying monthly fees over the whole purchase period, explained Fisli.
Approximately 90% of the accommodations will be apartments, with monthly rent varying between CFA 45,000 ($77) and CFA 165,000 ($283). Meanwhile, the remaining 10% will be budget-friendly villas, with monthly rent fees ranging from CFA 190,000 ($326) to CFA 350,000 ($601).
The second subsidiary INVIMO, also chaired by Fisli, will be in charge of assisting the contractors in the building process.
Meanwhile, the Ivorian government will take care of the financial structure of the project, through looking for and providing the necessary financing.
Ivorian authorities are expected to mobilize the necessary resources for the project without any contribution from the teachers who will benefit from it, Fisli said.
Several Ivorian officials attended the signing ceremony, including Minister of Construction Bruno Kone and Minister of National Education Kandia Camara. The Moroccan Ambassador to Cote d’Ivoire, Abdelmalek Kettani, also took part in the event.