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Housing association's loan to third world slum dwellers

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Housing association's loan to third world slum dwellers

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Published by Max Salsbury for 24dash.com in Housing and also in Communities, Development, Finance

Housing association's loan to third world slum dwellers Housing association's loan to third world slum dwellers

Magna Housing Association has given a £21,000 loan to support people living in slums in third world countries.

The Dorset-based social provider - which runs around 6,000 homes - made the loan to UK charity, Homeless International. The charity has used the funds to provide guarantees to local banks which enable partner organisations to access affordable loans and build their financial credibility. 

Magna's loan has already supported the construction of 59 housing units in Rua, Nairobi, where families were left homeless after Kenya Airports Authority claimed ownership of the land and demolished the slum in November 2011.

Ludovic Blackburn, Magna’s finance director, said: “We are delighted to have supported Homeless International. Through their excellent work, Magna has helped to improve the lives of some of the world’s poorest people.”

Homeless International was founded by activists working in the UK social housing sector. It tries to improve the lives of slum dwellers in third world countries and looks to find lasting solutions to urban poverty.

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