The International Finance Corporation (IFC), World Bank’s subsidiary committed to private sector funding, plans to inject $9 million in a housing development in the West African Economic and Monetary Union (WAEMU) area.
IFC in a statement released last week said the grant is to help ease the increasing housing deficit within the WAEMU region.
The grant, it added, will be directed to the Union’s Regional Mortgage Refinancing Fund (HRRC) charged to facilitate access to housing loans for populations, by supplying liquidity to banks.
IFC’s financing is expected to improve housing access rate within the sub-region which has a deficit of 3.5 million houses and where only 7 percent of households own houses.
“We just launched a second operation much larger that should help to disburse at least $500 million in housing finance by 2021,” said Sergio Pimenta, IFC’s Vice President for the Middle East and Africa.