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IFC injects Sh200m into mortgage firm
Workers at a housing construction site in Nairobi. The Government aims to deliver 500,000 units in major towns across the country over the next four years. FILE PHOTO | NMG
The International Finance Corporation is set to invest $2 million (Sh202 million) in Kenya Mortgage Refinance Company (KMRC), a public-private company that will provide long term funding to banks and saccos to enable the institutions to expand their mortgage loans.
The global financier becomes the latest to provide funding capital to KMRC in which the Kenyan government will hold a 20 percent stake while the rest of the equity will be spread across local banks, saccos and development finance institutions.
