NAIROBI, Kenya 28 – African countries are set to benefit from a $300 million investment platform for the development of affordable housing units coordinated by the International Finance Corporation (IFC) and Chinese multinational construction and engineering company, CITIC Construction.
The countries among them Kenya, Rwanda and Nigeria will benefit from the project that will provide long-term capital to develop 30,000 homes over the next five years.
IFC estimates that each housing unit will create five jobs, and throughout the programme create 150,000 jobs in the continent.
“As Sub-Saharan Africa become more urbanized, the private sector can help governments meet the critical need for housing. 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,”Oumar Seydi, IFC Director for Eastern and Southern Africa said.
The platform will start operations in Kenya, Rwanda and Nigeria before expanding into other countries.