The International Finance Corporation (IFC) has approved a R325-million (US$20-million) loan to Alleyroads, which is a South African developer of low-cost housing to the lower middle income segment. The funding will be used to build over 1,000 rental apartments of mainly 2-bedrooms with expected average square metres of slightly above 60sqm. Alleyroads will also install solar panels that are expected to provide a significant portion of the property energy requirements. Alleyroads was established in 2009 as property developer.
IFC is the finance provider of the World Bank with more than 60 years of experience in unlocking private investment and therefore delivering more than $285-billion in financing for businesses in developing countries.