“To help address the liquidity gap in Nigeria’s mortgage finance market, Nigeria Mortgage Refinance Company Plc partnered with US-headquartered MiDA Advisors and Johannesburg-headquartered Standard Bank Group to co-create a blended finance solution to mobilize long-term financing at scale.
“The transaction will include a $200m loan from the US International Development Finance Corporation and $28m in financing sourced from local financial markets, securing a total of $228m long-term blended financing to NMRC.”
The Managing Director and Chief Executive Officer of NMRC, Kehinde Ogundimu, added that the funding will support efforts to bridge the country’s housing deficit by providing liquidity through on-lending to primary lending institutions, such as commercial banks and mortgage banks, which will refinance or pre-finance eligible mortgage loans.
“This transaction will enhance our efforts to provide affordable long-term housing finance in a manner that will impact the overall sector,” Ogundimu said, adding that the facility demonstrates international trust in NMRC’s capacity to manage long-term investments.
He stated that the financing will be directed towards vulnerable population segments, including low-income earners, women, and the informal sector.
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