NAIROBI Mikkel
Boedker Jersey , May 29 (Xinhua) -- The World Bank's private sector arm,
the International Finance Corporation (IFC), on Friday inked a new partnership
with Chinese construction and engineering company to develop low-cost houses in
three African countries.
IFC and CITIC Construction Co., Ltd will set up a joint venture and inject
300 million U.S. dollars to develop 30,000 homes in Kenya, Rwanda and Nigeria in
the next five years.
"As Sub-Saharan Africa becomes more
urbanized Tim
Heed Jersey , the private sector can help governments meet the critical
demand for shelter," IFC director for Eastern and Southern Africa, Oumar Seydi
told a news conference in Nairobi.
Seydi added the joint venture with Chinese construction firm will transform
housing market across Sub-Saharan Africa by providing high quality, affordable
homes, creating jobs and demonstrating the viability of the sector to local
developers.
Construction Chairwoman Hong Bo said her company has a proven track record in
the implementation of large scale housing schemes in Africa.
"CITIC will take advantage of our engineering experience and delivery
capability to develop more affordable houses for Africa through the platform
with IFC," she
said Melker
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accordance with IFC's green building standards.
The United Nations Human Settlements Program (UN-Habitat) said Africa is
currently the most urbanizing continent with 40,000 people streaming into cities
daily, looking for job opportunities, raising a housing crisis in many African
cities.
Seydi emphasized that pro-poor investments are crucial to promote access to
cheaper and high quality houses for the burgeoning urban population across
Sub-Saharan Africa.
"IFC will partner with financial institutions to deliver affordable homes for
middle income earners in African cities. A home is a source of pride and
security for any individual," Seydi said, adding that IFC will lend technical
assistance to ensure new housing units meet environmental standards.
IFC settled for the Chinese company to develop low cost houses in Africa
owing to its engineering
prowess Kevin
Labanc Jersey , global reach and grasp of market dynamics. Seydi added IFC
shares identical social and ecological values with the Chinese construction
firm.
A joint IFC-CITIC venture will not only revitalize Africa's housing market
but also unleash job opportunities for the youth.
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