Project

Construction of Phase 2 of the “Cite Waqf City” Commercial and Residential Complex in Favor of the IsDB-Guinea Waqf in Conakry - Guinea

Beneficiary :

IDB-Guinea Waqf

Total funding :

$23.70 million

The objective of this project is to construct a mixed-use commercial and residential complex comprising an underground parking, a shopping center of three floors, and three towers with offices, residential apartments, and serviced apartments that will generate a stable income for the IsDB-Guinea Waqf’s (WBG), which will be used on education and health related activities.

WBG was established jointly by IsDB and the Government of Guinea in 1998 to support the educational and health sectors in Guinea. The project land lies in the Kaloum Region in Conakry and has a total area of 17,284 km 2 . It was allocated by the Government of Guinea through a Presidential Decree, which was later registered under the name of the WBG.

WBG is the beneficiary and executing agent of this project, which is an independent waqf organization providing support to the educational and health systems in Guinea. The total cost of the project is US$ 23.7 million out of that the ISFD will provide US$ 16 million, while the Guinean government contributes US$ 7 million to a part of civil works, supervisory services, the Project management Unit, and the furnishing of the serviced apartment tower. The WBG will contribute a smaller amount of US$ 0.7 million to technical control services and preoperational costs.

The project, which aligns with IsDB and ISFD strategies, is to be executed within 2.5 years of the effectiveness of the financial agreements. Generating income for the WBG will ensure it continues providing numerous social services including education and health services and contributing to the overall economic development of the country.