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Goldman Sachs to finance US$1 billion real estate development project in Abidjan

(Agence Ecofin) - The American bank Goldman Sachs will have its first foray in the Ivory Coast before the end of the current year by financing of a project of 20,000 social housing for civil servants, per a report published on 2nd July in the French magazine Jeune Afrique.

The repayment of this funding will be done through the creation of mortgages, the same source added. This will be implemented by drawing off the amounts from the recipients’ salaries. Jonathan Don, a Goldman Sachs partner, based in Singapore has been tasked with monitoring the progress of the project.

On the Ivorian side, eleven technical ministries have been partnered with the project at the request of the office of the Ivorian president. Ibrahim Magassa, Managing Director of the investment bank Algest is in charge of the financial structuring, while Togolese lawyer Pascal Agboyibor, of the American law firm Orrick, will take care of the legal aspects.