HousingLow Risk

Morocco Affordable Housing Program

Morocco · North Africa · Availability-Based

Deal Size

$260M

Target IRR

7–10%

PPP Model

Availability-Based

Concession Term

20 years

ESG-AlignedGovernment-Pay

Deal Summary

A 4,200-unit affordable housing development across three Moroccan secondary cities (Beni Mellal, Béni Mellal-Khénifra region). The Ministry of Housing guarantees availability payments per unit occupied. ESG-certified construction required.

Background

Morocco faces a housing deficit of 800,000 units. The government's Moudawana social housing program funds 40% of construction cost via a guaranteed availability payment. Strong political commitment from the Palace, endorsed by Vision 2030.

Project Milestone Timeline

Feasibility Complete

Q1 2025Completed

RFP Issued

Q3 2025In Progress

Financial Close

Q2 2026Upcoming

Phase 1 Delivery (1,400 units)

Q4 2027Upcoming

Phase 2 Delivery (2,800 units)

Q4 2028Upcoming

Full Occupancy

Q2 2029Upcoming

Key Deal Risks & Mitigation

Government payment capacity

Low

Direct MoH budget allocation; escrow reserve

Construction quality / delivery

Low

HQE certification compliance milestone

MAD/USD currency risk

Low

Local currency financing dominant

Social acceptance

Low

Community consultation, local employment targets