Convergence has awarded a feasibility study grant under the Gender Responsive Climate Finance Window to Alitheia to design the Eco-Equity Investment Company (EEIC), a USD 20 million blended finance facility focused on closing the gendered housing gap in Sub-Saharan Africa, starting with Nigeria. EEIC will invest in women-led and women-serving businesses across the sustainable housing value chain, including green building materials, climate-resilient developers, and affordable rental platforms, with the aim of promoting access to dignified, low-carbon housing for women.
Sub-Saharan Africa faces a significant housing shortage, projected to exceed 50 million units by 2030. In Nigeria alone, the deficit is estimated to be over 28 million units. Women are disproportionately excluded from home ownership and quality housing due to systemic barriers of land tenure insecurity, income disparity, limited access to credit, and discriminatory norms. Climate change and rapid urbanization further exacerbate the challenge, especially for women living in informal or disaster-prone settlements.
EEIC will deliver green housing solutions that actively include women as homeowners, tenants, entrepreneurs, and suppliers, expanding their agency in a sector where they are often excluded. The facility will support investments across the green construction value chain, including climate-resilient housing developers, sustainable building materials, eco-friendly construction services, and affordable rental platforms. The facility will also integrate gender-responsive technical assistance to build capacity among investees. The vehicle is anchored by a core team with deep expertise in real estate and housing in Africa, drawing on the experience of Alitheia Capital and Comprehensive Design Services, EEIC centers women not only as beneficiaries, but also as leaders and co-creators of climate-smart housing solutions.
Through this vehicle, EEIC aims to mitigate 500,000 metric tons of CO2 equivalent greenhouse gases over the project’s life cycle, support training for at least 300 women entrepreneurs in adopting sustainable practices, and deliver approximately 2000 passive homes to low-income communities while ensuring home ownership remains with women.
Design question and learning potential from the market: How can a blended investment vehicle be structured to catalyze private capital for sustainable housing while addressing systemic gender inequalities in Sub-Saharan Africa?
EEIC will utilize a dual-facility structure that tackles both supply- and demand-side barriers to inclusive, green housing. The Enabler Facility will provide debt financing and targeted support to women-owned and women-led MSMEs operating across the green construction value chain, enhancing their capacity, promoting market linkages, and generating green jobs. In parallel, the Home Development Guarantee (HDG) Facility will support developers in delivering affordable, sustainable housing for women through an innovative shared ownership model that improves affordability and access. Additionally, the technical assistance facility will build the capacity of investees, enabling them to meet gender, climate, and ESG standards. Through various de-risking mechanisms such as the use of guarantees and technical assistance, the vehicle aims to catalyze private capital towards sustainable housing.
EEIC’s feasibility study will focus on developing the design of the impact measurement framework and gender action plan, define an optimal capital stack that leverages concessional capital to crowd in commercial investment, and validate a pipeline of scalable, high-impact opportunities. Alitheia will also examine policy gaps, legal frameworks, and the potential for performance-based subsidies or guarantees to support scale and replication. These efforts will inform the fund's operational model and lay the groundwork for launching a bankable, gender-equitable blended finance vehicle capable of scaling inclusive housing solutions across Africa.
