The World Bank has approved a Sh25 billion loan for Kenyans who are unable to access affordable housing finance.
The loan is expected to provide a silver lining for the Jubilee government’s Affordable Housing project, which has been rocked by controversy due to poor public buy-in.
The lender said on Wednesday that the Kenya Affordable Housing Finance Project (KAHFP) will support the establishment and operationalization of the Kenya Mortgage Refinance Corporation (KMRC), a largely private sector-owned and non-deposit taking financial institution supervised by the Central Bank of Kenya (CBK).
The private sector own 80 per cent of KMRC while the remaining 20 per cent is for the National Treasury. Besides the World Bank investments, about 20 banks and savings and credit cooperative societies (saccos) have contributed capital so far.
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