The World Bank has approved a $300 million International Development Assistance (IDA) credit facility for Nigeria to aid low-income citizens own homes, through affordable mortgages.
The World Bank, which disclosed this at its Abuja office, said the project would support the establishment of a mortgage liquidity scheme that will generate long-term funds for borrowers who fall in the middle and lower class categories in the country, guardian reported.
“This project will directly benefit new home owners who struggle to find available cash to purchase long-term mortgage” said World Bank’s task team leader Michael Wong, adding that the project was expected to also create jobs in construction, designs, finance and other sectors throughout the country.
Adding to this was Marie Francoise Nelly, World Bank’s Country Director for Nigeria who said; “The Nigerian financial system has quickly grown and is becoming increasingly integrated into a global financial system
“Today’s project will further the country’s economic success, strengthen the nascent mortgage market and create much needed jobs”, Nelly said.
The World Bank’s IDA established in 1960 helps the under-developed nations across the world, by providing zero-interest loans and grants for projects and programs that boost economic growth and reduce poverty.
The coordinating Minister and Minister of Finance of the federation, Dr Ngozi Okonjo-Iweala had in April revealed that the Global body had agreed to assist Nigeria reintroduce mortgages and was ready to lend the Giant of Africa up to $300 million to realise the goal.
