PROJECT

Projects

Summary of Investment Information

Project Number

41885

Company Name

KENYA MORTGAGE REFINANCE COMPANY

Date SPI Disclosed

Jun 3, 2019

Country

Kenya

Region

Africa

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Jun 12, 2021

Department

Regional Industry - FIG ME & Africa

Industry

Financial Markets

Previous Events

Approved : Feb 11, 2020
Signed : Apr 7, 2020
Invested : May 4, 2021

Sector

Secondary Mortgage Institutions

Additional Project Attributes

Blended Finance

Project Description

The Project consists of an equity investment of up to US$2 million equivalent in the Kenya Mortgage Refinance Company (“KMRC” or “the Company”), of which up to US$1 million equivalent may potentially be supported by an IDA PSW Blended Finance Facility investment. KMRC is a private mortgage refinancing company that will provide long-term funding and liquidity to financial institutions to foster the development of the housing sector and improve affordability. With IDA PSW support, IFC become a shareholder and drive the impact by addressing the primary market failure of lack of access to viable financing, including in the underdeveloped counties of Garissa, Isiolo, Lamu, Mandera, Marsabit, Samburu, Tana River, Turkana, Wajir, West Pokot.                                               

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation