The International Finance Corporation (IFC) is confirming an investment of up to $5.75 million in Tanzania Mortgage Refinance Company (TMRC), an institution specialized in granting mortgage loans.
The company will use the resources to increase its long-term financing to Tanzanian financial institutions and banks. The financing includes the local currency equivalent of up to $1.5 million in equity and $4.25 million for a medium-term bond issue, spread over several tranches.
“IFC is committed to developing the property market in Africa by providing long-term, local-currency financing. By investing in the Tanzania Mortgage Refinancing Company, we hope to boost affordable mortgage lending to create more affordable housing for Tanzanian families,” said Jumoke Jagun-Dokunmu (pictured), the IFC Regional Director for East Africa.
According to Oscar Mgaya, TMRC’s CEO, “IFC’s investment will help TMRC attract new investors, meaning we can obtain longer-term, more diverse funding and sustainable pricing.”
Tanzania's mortgage market grew by 76 billion shillings in 2018, according to TMRC's annual report for the fiscal year ending December 31, 2018.
Chamberline Moko
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...
Cameroon’s exports of household bar soap rose sharply in 2025, reaching 74,208 tons, up from 56,624 tons in 2024, according to the latest foreign trade...
Burkina Faso targets 6.1% growth in 2027 under plan Revenues and spending rising; deficit projected near 2.8% GDP Outlook supported by gold,...
IMF approves $266M RSF financing for Liberia climate resilience Additional $26M disbursed under ECF, total...
Axian Telecom partners with Oracle to unify management systems Platform to enable AI rollout, improve governance and...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...