Alliances

completed

The Project involves providing up to $65 million in equity/quasi equity to Alliances Développement Immobilier (ADI or “the Company”) primarily for developing affordable low income housing projects in urban area through its Alliances Darna division. Typical low housing income projects comprise 6 storey buildings and common recreational facilities such as playground, small football field, in addition to a community school, hospital and/or law enforcement station depending on the host municipality’s request. ADI activities include low income, luxury housing, and hotels including a series of golf courses as well as construction divisions for buildings and large infrastructure projects such as roads and bridges. ADI is the second largest affordable homebuilder in Morocco and this sector represent approximately 70% of its sales. For further information please see the SII.