Kenya Affordable Housing Finance Project

The development objective of the Affordable Housing Finance Project is to expand access to affordable housing finance to targeted beneficiaries. There is one component to the project, support to the Kenya Mortgage Refinance Company (KMRC). This component will support the establishment, capitalization and operationalization of KMRC. KMRC is modelled after other mortgage refinance companies supported by the WBG (e.g. in West Africa, Tanzania, Pakistan), but its distinctive feature will be to serve SACCOs and microfinance banks as well as commercial banks. KMRC will be a majority-private company supervised by the Central Bank of Kenya (CBK), and by the Capital Market Authority for its bond issuances. Annex five summarizes KMRC business and operationalization plan. KMRC will contribute to developing the mortgage and housing finance markets.