IFC to invest $20m for the development of energy-efficient housing in Kenya
World Bank Group member, IFC plans to invest $20m in the Housing Finance Company of Kenya to promote energy-efficiency homes in the country.
This funding will help the mortgage lender increase access to housing finance while the IFC-Canada Climate Change Program will offer advisory services to foster the develop of 'green houses.'
Up to $4m of the funding will be drawn from the he IFC-Canada Climate Change Program.
Housing Finance managing director Frank Ireri remarked that the funding will help meet the increased demand for quality housing in the country.
"The support from the IFC-Canada Climate Change Program ensures that Housing Finance will be able to support the necessary Project Finance and Property Development Loans needed to develop homes that meet IFC's high international standards for energy and water use," added Ireri.
IFC Eastern and Southern Africa director Oumar Seydi noted, "IFC's support for Housing Finance Company of Kenya will make available more affordable housing finance and create opportunities for innovative, energy-efficient housing development."