PAN AFRICAN HOUSING FUND

Participation in a new private equity fund investing in affordable housing for lower and middle income households in selected Eastern and Southern African countries. The Fund will primarily invest in portfolio companies that are joint ventures with local SME property developers.

Objectives

The Fund will invest in affordable housing developments for lower and middle income households, related infrastructure, and aligned mixed-use developments. Its target countries are Kenya, Uganda, Tanzania, Rwanda, Zambia and Mozambique where it will invest primarily in the major urban areas. The Fund will typically establish joint-ventures with SME developers, whereby it will seek to promote and enable a local developer class capable of eventually rolling out larger scale residential developments. The Fund Manager will follow a value-add strategy in terms of sharing and imposing best practice on its SME partners in areas such as corporate and project governance, social and environmental due diligence, green technology, business and project modelling and financing.

Comments

Sector(s)

Urban infra.

Proposed EIB finance (Approximate amount)

EUR 6 million

Total cost (Approximate amount)

EUR 60 million

Environmental aspects

The Fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the Bank.

Procurement

Not applicable

Status

Under appraisal - 25/02/2013.

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. Therefore data provided on this page is indicative and cannot be considered to represent official EIB Policy (see also the Explanatory notes).

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