Namibia: IFC provides $50 million facility to Letshego to increase access to affordable housing
The World Bank’s International Finance Corporation has provided a $50 million financing facility to Letshego Namibia, a subsidiary of Letshego Africa to increase access to affordable housing for thousands of individuals and families in the Southwest African country.
In all, some 4,000 Namibians are expected to benefit from the facility.
Speaking about the facility provided to the company by the IFC, Andrew Okai, Group Chief Executive of Letshego Holdings Limited, said, “Our strategic purpose is clear – we want to improve lives across the communities where we operate. Increasing access to simple and appropriate financial solutions, for more individuals and small business owners, will enable us to deliver on this promise.
“By partnering with global institutions like IFC, who share our vision of achieving social impact through sustainable commercial strategies, we can unlock exponential value and potential for us to do more. This is truly an exciting partnership. We appreciate the support, synergy and partnership that IFC brings to our strategy.”
According to the Namibian government, although 78 percent of Namibians have a bank account, only 12 percent of households have mortgage financed homes.
The majority of Namibians do not qualify for mortgages from commercial banks because they are often unaffordable.
“By supporting partners like Letshego to increase the availability of affordable housing loans, we hope to enable more individuals to access quality housing in Namibia,” said Adamou Labara, IFC’s Country Manager for Eswatini, Lesotho, Namibia, South Africa and Zimbabwe.
IFC works with partners across Africa to help increase access to affordable housing including supporting the development of sustainable and responsible mortgage markets.
Letshego works with a number of international partners to deliver productive lending solutions Africa. Letshego Group is an African retail services organization with operations in 11 markets in sub-Saharan Africa.