Social Infra Ventures (SIV) is a first-of-its-kind rental and for sale gender-responsive, green, and affordable housing platform in Northern Africa.


Africa is expected to see over half of the global population growth between now and 2050, with much of this growth concentrated in secondary cities with up to one million inhabitants. The demand for affordable housing in these cities is outstripping supply, forcing many low- and middle-income households to live in informal, substandard housing. This informal housing is often poorly constructed, unsafe for women, and vulnerable to climate shocks. In addition, many low- and middle-income households, particularly women, have limited access to mortgage finance, which limits their access to formal housing.


SIV is the first developer in Northern Africa to integrate four key factors into its housing development projects: capital markets, rental and for sale housing units, gender considerations, and climate-sensitive buildings. SIV plans to sell its rental portfolio through a strategic sale or a listing on the Moroccan stock exchange to fund future phases, creating a self-sustaining housing finance ecosystem and institutionalizing green and gender-responsive housing, including for rental. SIV also integrates gender mainstreaming into its program cycle, seeking to contribute to reducing gender inequalities in access to housing, social and economic opportunities, and addressing the needs of women in the design, implementation, monitoring, and evaluation of its projects.

“Together with the Lab and its extensive network of partners, we hope to achieve a paradigm shift in the sector by offering green, climate resilient housing for low-income families which considers the needs of women in particular.”

Anna Vilarrubi, CFO and Partner SIV


Over the next ten years, SIV projects will house over 104,000 people in Morocco in community-centered developments close to economic opportunities. Of these, approximately 25% will be through RentCo, thus contributing to institutionalizing the currently informal rental market. All houses built, acquired, or financed through SIV will be IFC EDGE certified, making them at least 20% more efficient in energy, water consumption, and embodied carbon of materials. SIV will improve the climate resilience of the housing stock by using the IFC BRI, a self-assessment tool for developers to assess, manage, and disclose risks. SIV has set a genderspecific strategy and targets based on a gender analysis to ensure women are a sizeable share of beneficiaries and targeted by specific interventions such as the construction of childcare facilities.

“Financial inclusion of women is a key priority for SIV and the rental platform, supporting women to build a financial track record and access finance to buy homes or create their own businesses.” 

Maria-Pia Kelly, Senior Business Development Manager at Cardano Development


SIV is established offshore and capitalized through international debt and equity. This seed funding finances two offshore structures: the development and rental platforms. These funds then flow to the onshore (Moroccan) Devco and RentCo vehicles to carry out the asset development and management activities.

The asset portfolio of RentCo will either be sold directly or packaged into a Real Estate Investment Trust (REIT ) for listing on the Moroccan stock exchange. The capital raised from this sale will fund the next development phase.

SIV’s structure provides flexibility for seed investors while mitigating currency risk and allowing for alternative financing strategies, addressing the limited investment in affordable housing in Morocco.