Kenya has secured Sh559.60 million (4.0 million euros) in funding from the World Bank Group to kick-start a credit guarantee scheme for home loans taken by households with irregular income, or popularly referred to as ‘hustlers’.
The credit line will provide seed capital for the newly-incorporated Kenya Mortgage Guarantee Trust (KMGT), which will underwrite mortgages to homebuyers who largely operate in the informal, or jua kali, sector at the rate of 40 percent.
