IFC partners with CITIC Construction to develop affordable housing in Africa
They launched a $300 million investment platform.The International Finance Corporation (IFC) and Chinese construction and engineering company CITIC Construction today launched a $300 million (€274 million) investment platform to develop affordable housing in Sub-Saharan Africa.
The platform - called CITICC (Africa) Holding Limited - will provide long-term capital to develop 30,000 homes over the next five years.
The IFC said rapid urbanisation is pushing up demand for housing in Sub-Saharan Africa, with cities on the continent becoming home to over 40,000 people every day, many of whom find themselves without a roof over their heads.
The CITICC will work with local housing companies to develop affordable housing projects across Sub-Saharan Africa, each ranging in size from 2,000 to 8,000 units.
"The platform will help transform Africa’s housing markets by providing high quality, affordable homes, creating jobs, and demonstrating the viability of the sector to local developers. IFC will work with financial institutions to support mortgages and housing finance that will allow people to purchase the units," said Oumar Seydi, IFC director for eastern and southern Africa.