ABUJA, NIGERIA - (August 21, 2002) Today, the U.S. Trade and Development Agency (TDA) concluded a grant agreement with the U.S.-Nigeria Development Institute (USNDI) to provide funding for a feasibility study on the establishment of a long-term mortgage corporation in Nigeria. U.S. Ambassador to Nigeria Howard Jeter signed the grant agreement on behalf of the U.S. government. The President of USNDI, Mr. C. Michael Williams, signed on behalf of USNDI.

The grant agreement represents a working commitment by the U.S. government to assist in the development of this important sector of the economy. Under the agreement, TDA will provide a $272,000 grant for USNDI to contract with Societas - International Institute for Real Estate Finance of McLean, Virginia, to complete a feasibility study. The study will assess the technical, financial, economic and environmental aspects of developing a private long-term mortgage corporation to finance affordable housing in Nigeria.

It is anticipated that the successful completion and implementation of the project will increase homeownership in Nigeria by making housing more affordable through lower monthly payments and longer loan repayment periods. The project is also expected to increase Nigerian employment, generate increased income, and highlight investment opportunities in Nigeria.

The U.S. Trade and Development Agency promotes American private sector participation in developing and middle-income countries, with special emphasis on economic sectors that represent significant U.S. export potential. By funding various forms of technical assistance, training grants, feasibility studies, orientation visits, and business workshops, TDA helps American businesses compete for infrastructure projects in emerging markets. In addition, the agency promotes capacity building initiatives and supports U.S. government trade, economic policy and development objectives around the world.

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