President Goodluck Jonathan is billed to launch the proposed Nigeria Mortgage Refinance Company (NRMC) Thursday at the Banquet Hall, State House, Abuja . THISDAY had exclusively reported last month that the NRMC , which had earlier been slated for launch in September last year is now slated for the first quarter of 2014. A source privy to the promoters of the special purpose vehicle designed to deliver effective mortgage financing in the country, told our correspondent that although the NMRC launch is taking place in the first quarter, actual commencement of operations is expected in the second quarter of the year. The NMRC is configured with majority private sector ownership. Already, a $300 million soft loan from the World Bank . under its International Development Association (IDA) concessionary lending window has been secured by the government. The prime mover of NRMR and the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala had allayed fears that the emerging mortgage firm would not replicate the negative experiences of customers of the Federal Mortgage Bank of Nigeria whose contributions did not derive commensurate returns. At a meeting with some governors recently, she had assured that strong measures are being put in place to ensure that the bad experiences of the past are not repeated in the NMRC.
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