IFC and NHFC invest in affordable housing in South Africa

Sep 18, 2013

The International Finance Corporation (IFC) and the National Housing Finance Corporation of South Africa (NHFC) have announced investments of more than $63 million (€47.2 million) in the IHS Fund II, which will support the development of affordable housing in South Africa and sub-Saharan Africa.

The International Finance Corporation (IFC) and the National Housing Finance Corporation of South Africa (NHFC)
have
announced investments of more than $63 million
(€47.2
million) in the IHS Fund II, which will support the development of affordable housing in South Africa and sub-Saharan Africa.

IFC Senior Manager for Southern Africa Saleem Karimjee said that providing access to affordable quality housing is a priority for the IFC in Africa.

"The IHS Fund II offers an attractive opportunity for private investors to gain access to a fast-growing market with significant positive social impact. IFC’s commitment will stimulate investment, growth, and job creation in sub-Saharan Africa," he noted.

IHS Managing Partner Soula Proxenos added that he expects the IHS Fund II to secure more than $300 million in funding commitments and that thousands of families will be able to afford a home of their own and start their journey to wealth creation through property ownership.

IHS Fund II will invest in the Republic of South Africa as well as in Ghana, and possibly other target markets such as Zambia, Botswana, Namibia, and Mauritius.ADNFCR-2976-ID-801638727-ADNFCR