FMBN SIGNS $2BN MOU WITH SHELTER AFRIQUE, REDAN

[via the nation]

The Federal Mortgage Bank of Nigeria (FMBN) has signed a $2billion tripartite Memorandum of Understanding with Shelter Afrique, and Real Estate Developers Association of Nigeria (REDAN).

The agreement, which was signed at the weekend, involves a commitment by Shelter Afrique to avail the sector of $2billion construction finance towards housing provision in Nigeria.

The Acting Managing Director of the Federal Mortgage Bank of Nigeria, Mr. Richard Esin, said the collaboration was a “proactive step taken in recognition of the opportunities that would arise from the launch of a National Housing Model.” He further stated that:

“The objective of the strategic collaboration is to harness each party’s competencies and strengths in the areas of training, research, advocacy, and mobilisation of financial resources, both international & domestic, in support of projects of mutual interest to ensure the successful delivery of affordable housing in Nigeria and involves a commitment by Shelter Afrique to avail the sector $2 billion construction finance towards housing provision in Nigeria.”

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