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3
and Successes
Achievements
brought together all stakeholders
under Joe Slovo, the first Minister
of Housing in the new democracy,
to address the backlog of housing
with banks.
From this first meeting the Hous-
ing Forumwas also created, compris-
ing practitioners and participants
from identified segments of the
housing markets that were not being
adequately served. As a consequence,
government decided to establish
agencies to close the gap in this
‘market failure’. The National Urban
Reconstruction and Housing Agency
(Nurcha) was founded in 1995, and
the NHFC in the following year.
Moraba says the vision at that
time was to seek new and better
ways to mobilise financing for the
low to middle income markets.
Government’s role was to address
this ‘market failure’ that the private
sector was not serving. “Our role,
though complementary to the private
sector, was to take a greater risk and
to develop markets where there was
‘market failure’.”
The Board
Industry heavyweights, renowned
business and professional leaders,
such as Eric Molobi and Prof Michael
Katz, Nedbank’s Richard Laubscher,
Dr Ian Goldin, CEO of the Develop-
ment Bank of South Africa, Sizwe
Tati, CEO of Khula Enterprise and
other boardmembers fromNGOs and
the public sector, worked together to
create a self-sustaining development
finance institution. “We effectively
Continued
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