Commitment to Action

UN-HABITATS Investment in AMAL

Commitment by

UN-Habitat

In the Palestinian Territories, there is a serious shortage of affordable housing, estimated to be over 500,000 units within the next ten years, compounded by limited access to housing finance products. To address this, in 2009, UN-HABITAT committed $1 million for the Affordable Mortgage and Loan Corporation (AMAL, which means 'hope' in Arabic) as a crucial funding element in a $2 billion project. This project will lead to the construction of 30,000 affordable homes with security of tenure in the West Bank for low to middle income Palestinians--nurses, teachers, policemen and others who have no homes they can afford and no access to formal mortgage finance. The $1 million loan was an investment in the equity of AMAL. It enabled AMAL to fulfill capital requirements of the Palestinian Capital Markets Authority, and utilized the multi-lateral development status of UN-HABITAT and its established working relations with the government of Israel and the Palestinian National Authority. It was the final financial 'piece of the puzzle' to allow the project to go ahead.

Share

Tabs

Overview
Summary

Commitment

UN-HABITATS Investment in AMAL

Launched

2009

Est. Duration

1 year

Estimated Total Value

$1,050,000

Region

Middle East & North Africa

Countries

Palestinian Territories

Commitment by

UN-Habitat

Partner(s) of the Commitment Maker(s)

Middle East Investment Initiative, Overseas Private Investment Corporation, Palestine Investment Fund, The Aspen Institute, Global Communities, Cairo Amman Bank, UK Department For International Development (DFID), Bank of Palestine, Global Communities, World Bank Group, International Finance Corporation