Centum unit taps Sh2.9bn IFC loan for housing

The International Finance Corporation (IFC) is proposing to lend Centum Real Estate $20 million (Sh2.92 billion) towards financing the company’s affordable housing Mzizi Court project at the Two Rivers Development.

While the IFC did not disclose the cost terms of the loan, which is pending approval by its board, it noted that it represents long-term debt funding which would otherwise not be available in the market from strictly commercial investors as the sector is considered highly risky.