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IFC TO INVEST $1.5 BILLION IN NIGERIA

The International Finance Corporation (IFC) has disclosed its intention of investing the sum of $1.5 billion to support housing and infrastructure development in Nigeria. According to the Executive Vice President of IFC, Mr. Jim-Yong Cai, the investment would focus on housing, transport and other infrastructure especially power. He added that IFC has been following what is happening in the key sectors of the Nigerian economy and are encouraged to invest in some of them, especially housing, which would provide a lot of homes for many citizens.

The IFC Country Manager, Nigeria, Mr. Solomon Adegbie-Quaynor, said $225 million of the proposed investment in the country would go to Nigeria Mortgage Refinancing Company (NMRC). He disclosed that even though IFC is going to be engaged in different sectors, their ultimate goal is to ensure that the NMRC is sustained as an institution.

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