The Prosper Africa project of the US government has announced the closing of a $274 million long-term loan for Nigeria's and other West African nations' housing markets.
Prosper Africa is working together with the Bank of New York Mellon, Brean Capital LLC, Bank of America Securities Inc, Caisse Régionale de Refinancement Hypothécaire of Togo, US Agency for International Development, and US International Development Finance Corporation to achieve this objective. Over 6,000 households are anticipated to benefit from this agreement, according to the statement.
Cameron Khosrowshahi, a senior investment advisor at Prosper Africa, was quoted in the statement as saying, "Prosper Africa's partnership with top U.S. and African financial institutions signals increased U.S. investor interest in investing in African markets to meet the enormous demand for affordable housing in West Africa.
Our partnership is a blended finance transaction that will stimulate large-scale investment and create generational wealth through homeownership for thousands of people throughout West Africa.
"DFC partners with the private sector to make significant projects around the world, particularly in West Africa where affordable housing is a crucial need," stated Jim Polan, vice president of DFC's Office of Development Credit.
The agency is thrilled to work on this crucial problem that will help provide affordable housing and increase stability for thousands of people in the region with such a varied collection of investors, including colleagues from the U.S. Government.
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