Africa: WB Cooperates With Chinese Firm to Develop Low-Cost Houses in Africa

Nairobi — 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.

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