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IFC invests in affordable housing in Africa

The International Housing Solutions Fund II aims to address the need for housing across the African continent and the lack of affordable housing. (Image source: marc falardeau/Flickr)

The International Finance Corporation (IFC) has invested more than US$63mn in a housing solutions fund for the support and development of affordable housing in South Africa and sub-Saharan Africa

The International Housing Solutions (IHS) Fund II aims to address the need for housing across the African continent and the lack of affordable housing.

The first IHS fund has already been disbursed to provide affordable housing in emerging markets.

Speaking at a press conference in Houghton, Johannesburg, IFC senior manager for Southern Africa Saleem Karimjee said services such as access to quality housing were a priority in Africa.

Karimjee added, “IHS Fund II offers an attractive opportunity for private investors to gain access to a fast-growing market with significant positive social impact. The IFC’s commitment will stimulate investment, growth and job creation in sub-Saharan Africa, demonstrating our support that can help catalyse additional fundraising.”

South Africa National Housing Finance Corporation will work with the IFC in the project. The National Housing Finance Corporation CEO Samson Moraba said the corporation was delighted with the investment as it would accelerate the delivery of housing and broaden access to affordable housing finance for low- to middle-income South African households. 

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