China Merchants Group provides $7 million grant for Social Housing Project

On July 4, 2018, at a project commencement ceremony, China Merchants Group (CMG) — a Chinese state-owned company — announced that it was providing a $7 million grant to the Omar Guelleh (IOG) Foundation for a Social Housing Project. The purpose of the project is to create 1,000 social housing (two bedroom) units for vulnerable households in the Balbala district, in the southern suburbs of Djibouti city.

Additional details

1. This project is also known as Project Nassib. 2. Under direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council, CMG is a conglomerate with three business platforms of non-financial industries, financial services, investment and capital operation. CMG's non-financial industries cover ports, toll roads, shipping, logistics, real estate, zone development, offshore engineering and trade. 3. The Social Housing Project is being financed as part of the CMG’s corporate social responsibility (CSR) activities, so for the time being AidData assumes that CMG is responsible for project implementation.

Number of official sources

5

Number of total sources

10