13/4/2016/World Bank

World Bank Group President Jim Yong Kim today announced that the World Bank Group would invest $2.5 billion over 5 years in education projects that directly benefit adolescent girls, whose empowerment is central to the Bank Group’s development efforts. The announcement, made at the Let Girls Learn event during the World Bank Group-IMF Spring Meetings, was followed by a call to action from the First Lady of the United States Michelle Obama, urging key policymakers and influencers from around the world to commit to urgent action in support of adolescent girls.

“I’m very excited to join the First Lady in announcing this major boost in funding for adolescent girls’ education,” said World Bank Group President Jim Yong Kim. “Empowering and educating adolescent girls is one of the best ways to stop poverty from being passed from generation to generation, and can be transformational for entire societies. This increased funding will help provide countries, especially in regions like Sub-Saharan Africa and South Asia, with the tools to expand access to quality education so that all adolescent girls can go to school and reach their full potential.”

First Lady Michelle Obama highlighted the power of this investment in adolescent girls, as well as the transformative impact that adolescent girls’ education has on girls, their families and their countries.

“This isn’t just a breathtaking investment of resources, it’s also a powerful statement of mission – it’s an expression of our belief in the power of education to transform the lives and prospects of millions of girls worldwide – as well as the prospects of their families, communities and countries,” said First Lady Michelle Obama.  “The evidence is very clear: when we invest in girls’ education, and we embrace women in our workforce, that doesn’t just benefit them, it benefits all of us.”

By 2020 the Bank Group expects to invest at least $2.5 billion in education projects targeting adolescent girls (ages 12-17). About 75 percent of these investments are expected to be from IDA, the Bank Group’s fund for the poorest countries, and largely in Sub-Saharan Africa and South Asia, which have the highest number of out-of-school girls.

Programs to be supported will include a range of efforts to provide adolescent girls with access to quality education at the secondary level, ensure they are enrolled in and stay in school, and provision of scholarships, conditional cash transfers, and schools with basic facilities like clean drinking water and toilets that promote enrollment.

Today, 62 million girls around the world are not in school, and half of them are adolescents. A World Bank study found that every year of secondary school education is correlated with an 18 percent increase in a girl’s future earning power. Research shows that educating girls has a multiplier effect: better educated women tend to be healthier, participate more in the formal labor market, earn more income, give birth to fewer children, marry at a later age, and provide better health care and education to their children.

Educating adolescent girls and promoting gender equality is part of a broader, holistic effort by the Bank Group. This includes financing and analytical work in support of removing financial barriers that keep girls out of school, delaying child marriage, improving access to reproductive health services, and strengthening skills and job opportunities for adolescent girls and young women.

This multidimensional approach is outlined in the Bank Group’s new global strategy for gender equality. Today’s commitment represents a major step toward implementing the goals of this strategy as well as helping achieve the 2030 Sustainable Development Goal 4, which calls for access to quality education and lifelong learning for all, and Goal 5 to achieve gender equality and empowerment of all women and girls.

As always, Bank Group financing depends on country demand, the state of the global economy, and a strong replenishment this December of IDA, the Bank’s fund for the world’s poorest countries.

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The proposed Mortgage Refinance Company (MRC) being promoted by the Federal Government to address the acute housing problem in the country, is billed for launch in the first quarter of 2014.

Initially planned to kick off in November 2013, the federal government is said to have decided to shift the take-off date in a bid to ensure that every possible loophole that might pose challenges in its smooth running in future, is plugged.

A source close to MRC’s promoters, which is configured with majority private sector ownership, told THISDAY at the weekend that having secured the $300 million soft loan from the World Bank under its International Development Association (IDA) concessionary lending window, the government was taking care to address possible grey areas that may torpedo its commencement or pose challenges to its smooth operations after take-off.

This consideration, the source said, prompted the government to consider moving the takeoff date to the first quarter of 2014, when there would have been enough time to also synergise effectively with the private sector stakeholders of MRC.
Although the source would not drop any hint on what might constitute grey areas, THISDAY gathered that the Federal Ministry of Finance, which is the arrow-head of MRC’s emergence, is factoring in the concerns of housing stakeholders, which were ventilated through public and private avenues in order to ensure that the proposed finance outfit fills the void in the housing sector.

On the negative experiences of customers of the Federal Mortgage Bank of Nigeria whose contributions did not derive commensurate returns, THISDAY gathered that Okonjo-Iweala had assured during a meeting with some governors recently that strong measures are being put in place to ensure that the bad experiences of the past are not repeated in the forthcoming Mortgage Refinance Company (MRC).

The measures include strong governance procedures and the strong involvement of the private sector. She said that the federal government was also keeping an interest in the MRC to ensure that the mortgages are reasonably affordable.

In announcing the proposed MRC early  this year, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala said the federal government was also working on mass housing schemes with a rent-to-own option for workers to reduce the housing deficit in the country.

According to her, the target of the first stage of the mass housing scheme is to increase the number of completed mortgages from the current 20,000 housing units to 200,000 units in three years. “Though this target is quite a tough one, we believe that with the leadership of the President and the commitment and hard work of the various ministries and agencies involved, it is achievable,” she said, adding that plans were underway to develop the required policy and legislations to support the proposed reforms in the housing sector.

The minister had recently met  with Governors Peter Obi of Anambra State, Adams Oshiomhole of Edo State, Isa Yuguda of Bauchi State and Rabiu Kwankwanso of Kano State and the Deputy Governor of Plateau State for an interactive session on the new mortgage system.

To ensure that Nigerians on the lower end of the economic ladder are not left out, the government is also focusing on mass housing, especially lease-to-own options with initial beneficiaries coming from 14 pilot states.

THISDAY gathered that during the session with the governors and representatives from the pilot states as well as representatives from the World Bank, DFID and other partner institutions, Okonjo-Iweala declared: “There is still a lot of work to be done but the President has given us marching orders to ensure that Nigerians begin to enjoy affordable mortgage as soon as possible.

“This is central to the President’s vision for improving the economy and improving the welfare of Nigerians. When housing works, the whole economy works. From mortgage companies to building materials sellers to brick layers and carpenters and mason, the benefits in terms of job creation and overall economic development are immense,” she said.

The country is currently confronted with a deficit of 17 million housing units and needs one million units per annum for the next 17 years to meet this need.

Managing Director, Asset Management Company of Nigeria (AMCON), Mustapha Chike-Obi had recently declared that meeting the need of Nigeria’s housing market required an annual N10 trillion for the next five years.
“But the total balance sheet of banks in Nigeria annually is N20 trillion. Nigeria’s annual budget stands at an approximated N5 trillion annually; so where is the money for housing going to come from?” he queried.

Source: Thisday (by Ndubuis Francis)

The post Mortgage Refinance Company Now for Launch in Q1 appeared first on Investadvocate.

The proposed Mortgage Refinance Company (MRC) being promoted by the Federal Government to address the acute housing problem in the country, is billed for launch in the first quarter of 2014.

Initially planned to kick off in November 2013, the federal government is said to have decided to shift the take-off date in a bid to ensure that every possible loophole that might pose challenges in its smooth running in future, is plugged.

A source close to MRC’s promoters, which is configured with majority private sector ownership, told THISDAY at the weekend that having secured the $300 million soft loan from the World Bank under its International Development Association (IDA) concessionary lending window, the government was taking care to address possible grey areas that may torpedo its commencement or pose challenges to its smooth operations after take-off.

This consideration, the source said, prompted the government to consider moving the takeoff date to the first quarter of 2014, when there would have been enough time to also synergise effectively with the private sector stakeholders of MRC.
Although the source would not drop any hint on what might constitute grey areas, THISDAY gathered that the Federal Ministry of Finance, which is the arrow-head of MRC’s emergence, is factoring in the concerns of housing stakeholders, which were ventilated through public and private avenues in order to ensure that the proposed finance outfit fills the void in the housing sector.

On the negative experiences of customers of the Federal Mortgage Bank of Nigeria whose contributions did not derive commensurate returns, THISDAY gathered that Okonjo-Iweala had assured during a meeting with some governors recently that strong measures are being put in place to ensure that the bad experiences of the past are not repeated in the forthcoming Mortgage Refinance Company (MRC).

The measures include strong governance procedures and the strong involvement of the private sector. She said that the federal government was also keeping an interest in the MRC to ensure that the mortgages are reasonably affordable.

In announcing the proposed MRC early  this year, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala said the federal government was also working on mass housing schemes with a rent-to-own option for workers to reduce the housing deficit in the country.

According to her, the target of the first stage of the mass housing scheme is to increase the number of completed mortgages from the current 20,000 housing units to 200,000 units in three years. “Though this target is quite a tough one, we believe that with the leadership of the President and the commitment and hard work of the various ministries and agencies involved, it is achievable,” she said, adding that plans were underway to develop the required policy and legislations to support the proposed reforms in the housing sector.

The minister had recently met  with Governors Peter Obi of Anambra State, Adams Oshiomhole of Edo State, Isa Yuguda of Bauchi State and Rabiu Kwankwanso of Kano State and the Deputy Governor of Plateau State for an interactive session on the new mortgage system.

To ensure that Nigerians on the lower end of the economic ladder are not left out, the government is also focusing on mass housing, especially lease-to-own options with initial beneficiaries coming from 14 pilot states.

THISDAY gathered that during the session with the governors and representatives from the pilot states as well as representatives from the World Bank, DFID and other partner institutions, Okonjo-Iweala declared: “There is still a lot of work to be done but the President has given us marching orders to ensure that Nigerians begin to enjoy affordable mortgage as soon as possible.

“This is central to the President’s vision for improving the economy and improving the welfare of Nigerians. When housing works, the whole economy works. From mortgage companies to building materials sellers to brick layers and carpenters and mason, the benefits in terms of job creation and overall economic development are immense,” she said.

The country is currently confronted with a deficit of 17 million housing units and needs one million units per annum for the next 17 years to meet this need.

Managing Director, Asset Management Company of Nigeria (AMCON), Mustapha Chike-Obi had recently declared that meeting the need of Nigeria’s housing market required an annual N10 trillion for the next five years.
“But the total balance sheet of banks in Nigeria annually is N20 trillion. Nigeria’s annual budget stands at an approximated N5 trillion annually; so where is the money for housing going to come from?” he queried.

Source: Thisday (by Ndubuis Francis)

The post Mortgage Refinance Company Now for Launch in Q1 appeared first on Investadvocate.