Investment: Nurcha

Nurcha
The National Urban Reconstruction and Housing Agency (Nurcha) was established in 1995 by the Open Society Institute and the South African government to address the severe housing shortage in the nascent South African democracy. By providing training and bridge loans to small contractors, Nurcha not only supports the creation of affordable housing, it also stimulates employment, skill-building and community development. Nurcha has assisted nearly 1,000 independent contractors in this way, helping them to grow into successful construction companies. Since its creation, Nurcha has constructed over 230,000 affordable homes.

Why we invested
Nurcha offered a unique opportunity to invest in the political transition under way in the period immediately after South Africa’s first democratic election in 1994. Nurcha was able to finance the construction of urgently needed houses for the poor and support the development of a new generation of black contractors who had previously been excluded from fair access to economic opportunities.

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