The European Investment Bank is supporting a €150 million ($209 million) program to boost the supply of affordable and social housing in South Africa. The funding for the program is managed by three local commercial banks and two public financial institutions.
The program is expected to support the construction of 34,000 houses. Half of these houses are already being constructed with an initial €70 million from the program. The rest of the funds will be released later this year for the construction of the remaining 17,000 houses.
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