African bank to fund housing projects in Kenya

construction  marc falardeauShelter Afrique will raise funds in the next two years for financing the housing projects in Nairobi, Kisumu and Mombasa. (Image source: marc falardeau/Flickr)The Commercial Bank of Africa (CBA) has signed a deal worth more than US$17mn with housing project financer Shelter Afrique for funding housing schemes in Nairobi, Kisumu and Mombasa

CBA Group managing director Isaac Awuondo said that this partnership will promote development of real estate in the country and provide decent housing for many.

Awuondo said that the real estate sector has remained one of the most vibrant sectors in Kenya’s economy and provision of affordable finance has been paramount.

Shelter Afrique will raise funds in the next two years for financing the housing projects.

Shelter Afrique business development and operations director Femi Adewole said, “This financial line will fund a whole range of projects in the pipeline primarily in the three cities we are looking at. We will major in low income and medium income housing.”

Adewole added that the partnership was part CBA's operating model to develop more synergies with pan-African banks to leverage more financial resources for affordable housing and unlock the potential for African capital markets for more mortgage loans.

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