THE WORLD BANK Has Announced Plans To Help Raise $1.35 Billion (Ksh174 Billion) To Support Kenya’s Affordable Housing Program. The Goal Is To Make Mortgages Cheaper And Reduce The Country’s Growing Housing Shortage.
According To World Bank Documents, Kenya Will Receive A $375 Million (Ksh48.4 Billion) Concessional Loan. The Bank Will Also Help Kenya Secure A Sovereign Sustainability-Linked Loan Worth $900 Million (Ksh116.3 Billion) From Commercial Lenders.
The Housing Plan Will Also Get An Extra $75 Million (Ksh9.6 Billion) From The OPEC Fund, Strengthening The Overall Financing Package.
Under This Project, The Kenya Mortgage Refinance Company (KMRC)—A Government-Owned Institution—Will Issue Affordable Mortgages And Refinance Home Loans To Help More Kenyans Buy Homes.
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