, NAIROBI, Kenya Feb 20 – The East African Development Bank has signed a Sh620 million credit facility with Housing Finance for the construction of Kahawa Downs Development Estate in Kahawa, Kiambu County.
Housing Finance has entered into a joint venture partnership with a land owner to develop the 220 housing units targeting the middle income market.
East African Development Bank Director General Vivienne Yeda says the growth of the middle class which is currently estimated at 45 percent of the population, presents a real business opportunity for both the private and public sectors.
She said investing in this sector will create jobs and can help tackle the mushrooming of unplanned and informal settlements in and around urban areas.
The Kahawa Downs Development Estate which is 90 percent sold is on 5.25 acres.
The development is the second joint venture project between Housing Finance through its wholly owned Subsidiary Kenya Building Society and a land owner.
In 2013 Housing Finance made its first joint venture with Sh1.2 billion residential projects in Riruta Satellite area.
The mortgage lender chipped in Sh186 million in a 5.4 acre plot that had about 328 units put up.
The East African Development Bank has invested more than Sh7.7 billion in the construction sector in the last few years.