$63 Million Housing Fund to Create Affordable Options for Sub-Saharan, South Africa

Written by Makula Dunbar

Sep 11, 2013

The International Finance Corporation (IFC), the largest global development institution, said on Tuesday it had invested more than $63m in a housing solutions fund for the support and development of affordable housing in South Africa and sub-Saharan Africa.

The International Housing Solutions (IHS) Fund II aims to address the need for housing across the continent and the lack of affordable housing.

The first IHS fund has already committed more than R2bn to providing affordable housing in emerging markets.

Speaking at a press conference in Houghton, Johannesburg, on Tuesday, Saleem Karimjee, IFC senior manager for Southern Africa, said services such as access to quality housing were a priority in Africa.

“IHS Fund II offers an attractive opportunity for private investors to gain access to a fast-growing market with significant positive social impact,” he said. “The IFC’s commitment will stimulate investment, growth and job creation in sub-Saharan Africa, demonstrating our support that can help catalyse additional fundraising.”