London: 27 July 2021:
- To support green affordable housing projects in Kenya, UK Climate Investments (UKCI), the UK Government’s International Climate Finance flagship program, has committed £30 million (Ksh 4.4 billion) and FSD Africa Investments (FSDAi), the investment arm of the UK Government’s flagship financial sector development agency in Africa, has committed £5 million (Ksh 740 million)
- This £35 million (Ksh 5.2 billion) investment is into a new 10-year locally managed fund which at full size will deliver approximately 10,000 new green, affordable homes for low-income families in Kenya.
Today, UK Climate Investments (UKCI) and FSD Africa Investments (FSDAi) confirmed a £35 million (Ksh 5.2 billion) funding commitment to a Kenyan green affordable housing venture, which has received 100% of its targeted £61 million (Ksh 9 billion) investor backing for first close, enabling this locally managed fund to become operational as early as July 2021.
“We are pleased to be supporting access to affordable urban housing, which is a key pillar of Kenya’s development agenda. We are confident that our investment in the fund and our support for the Open Access platform will address some of the critical factors that prevent financial markets from playing a bigger role in affordable housing in Kenya.”
Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments