AfDB Invests U.S.$ 20 Million to Support the Development of Real Estate for All in Uganda

23 November 2011
Content from a Premium Partner
African Development Bank (Abidjan)
press release

The Board of Directors of the African Development Bank (AfDB) has approved on 23 November a U.S.$ 20 million line of credit over 10 years to Housing Finance Bank Limited (HFB) Uganda to support residential and commercial real estate development aimed at benefiting low and medium income earnings through decent housing, as well as small and medium enterprises through commercial property and office space.

The line of credit is in line with Uganda's National Development Plan and will assist to provide affordable housing for both low and medium income groups. It will also promote the construction of well-planned housing estates adhering to sound environmental and town planning standards, thus improving urban planning in the country. Mortgage financing is severely lacking across Africa and in Uganda, and this line of credit will provide relief to the important housing shortage in the country.

Tim Turner, AfDB Director of Private Sector and Microfinance department said: "The line of credit will catalyze the construction, over the loan period of over 14,000 new housing units and various business premises. It will also create new employment opportunities in the construction sector. With HFB's focus on lower income housing, it will enhance HFB's endeavors to finance the construction of organized lower cost real estate in Uganda."

Media Contact :

Sabrina Hadjadj Aoul

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2011 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.