International Finance Corporation (IFC), a member of the World Bank Group, and its partner, the IFC African, Latin American, and Caribbean Fund (IFC ALAC Fund) will provide a funding of $60 million for affordable housing projects in Brazil.
The funds have been provided to Brazilian real-estate company Canopus Holding. The company intends to use funds for financing the construction of more than 20,000 affordable houses, as well as, expanding its existing housing operations. Construction of the new affordable houses will be undertaken by Canopus' subsidiary EMCASA.
IFC will provide an equity investment of up to $25 million, and the IFC ALAC Fund will provide up to $35 million in equity. The IFC ALAC Fund is managed by IFC Asset Management Company, a wholly owned subsidiary of IFC.
The project is expected to meet Brazil's need of 5.6 million housing units, and will deliver affordable homes for middle- and low-income Brazilians and create construction and employment opportunities.