Affordable housing project gets $274m

The United States Government’s Prosper Africa initiative has recently concluded a $274m long-term financing agreement aimed at improving the housing sector in Nigeria and other West African countries. The partnership is comprised of several institutions, including Bank of America Securities Inc, Brean Capital LLC, The Bank of New York Mellon, Togo’s Caisse Régionale de Refinancement Hypothécaire, the US Agency for International Development, and the US International Development Finance Corporation.

Prosper Africa said in a statement that the deal will aid in providing homeownership for approximately 6,000 households. The Senior Investment Advisor with Prosper Africa, Cameron Khosrowshahi, said that this partnership between US and African financial institutions signals increased interest by US investors to invest in African markets to address the high demand for affordable housing in West Africa.

This blended finance transaction will create generational wealth through homeownership for thousands of people across West Africa, he added. DFC Vice President for the Office of Development Credit, Jim Polan, expressed his pleasure to work with a diverse group of investors, including colleagues from the US Government, to provide affordable housing and bolster stability for thousands in the region.