Efforts to provide affordable housing received a shot in the arm after Nairobi-based Pan-African financier Shelter Afrique injected Sh200 million into the establishment of the Kenya Mortgage Refinance Corporation (KMRC). The firm’s chief executive Andrew Chimphondah said the funds would enable Kenyans buy houses in urban areas through an affordable long-term mortgage facility. The financier, owned by 44 African governments and the African Development Bank, joins other investors, among them the Kenya government, that pledged Sh1.5 billion, the World Bank (Sh15 billion) and over 20 commercial banks that are founders of KMRC. KMRC will be a wholesale company that eases liquidity issues for commercial banks and saccos that disburse affordable home loans to low-income earners. This means KMRC will buy all mortgages from local lenders thereby replenishing their loan kitty.
Shelter Afrique injects Sh200m into Kenya Mortgage Refinance Corporation.
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