World Bank and AMF launch Arab housing finance scheme
The World Bank and Arab Monetary Fund (AMF) have reached a new agreement to improve housing finance in the Arab region.A scheme called the Arab Finance Initiative aims to help those in the Middle East and North Africa (MENA) region by creating a centralised source of knowledge regarding housing finance.
It will also establish best practices within the sector and improve access to sustainable housing finance solutions within AMF member countries.
Vice-President of the MENA region of the World Bank Inger Andersen said: "The demand for decent, secure and affordable housing is growing in MENA because of strong demographic trends and large existing housing shortages."
He noted that improvements within the housing finance sector would help to create employment opportunities and encourage growth within the private sector.
The AMF was founded in 1976 and the African member countries are Algeria, Tunisia, Libya, Egypt, Djibouti, Morocco, Sudan, Somalia, Comoros and Mauritania.