International Housing Solutions (IHS) Kenya, a developer of green affordable housing and KCB Bank, have entered into a partnership to accelerate the development of green affordable homes in Kenya.
IHS Kenya, through its IHS Fund, is focusing on delivering over 3,000 units valued at approximately Ksh10 Billion over the next 5 years.
IHS Kenya said that the partnership will be on two fronts: financing the developer to construct green affordable housing and to offer KCB Bank customers with mortgages to purchase those units.
“This partnership reinforces IHS’s focused strategy of developing green affordable housing across Kenya. Through our investment in climate-friendly affordable housing, we aim to create jobs, grow skills and stimulate economic development. With KCB’s financial backing, we can accelerate our projects and bring more units to market, meeting the growing demand for sustainable housing,” said IHS Kenya Managing Director Kioi Wambaa.
The partnership was announced at IHS’s Tilisi Development PLC project site in Limuru, Kiambu where the developer is putting up 240 apartments that are set to be completed in the first quarter of 2025.
KCB Bank on its part said that it is targeting to partner with developers eyeing green affordable housing which is part of its focus to increase home ownership.
“Homeownership is a key pillar of economic and social progress. This partnership with IHS Kenya reinforces our commitment to providing innovative and accessible financing solutions that empower more Kenyans to own homes. By combining our financial strength with IHS’s development expertise, we are unlocking new opportunities for individuals and families to achieve their dream of homeownership,” said KCB Director Mortgage Business Caroline Wanjeri.
The announcement comes at a time when developers are eyeing green affordable housing to meet buyer demand. Kenya is additionally grappling with a shortage of 250,000 housing units every year.
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