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22nd February 2011 … Leading mortgage financier, Housing Finance has signed an agreement with East African Development Bank (EADB) to jointly co-finance large scale projects.
Mr. Ireri said the firm will continue to seek partnership arrangements and opportunities with financial institutions as part of its mandate to mobilize additional resources for housing development.
“We have adopted the strategy of co-financing projects so as to raise the finance necessary to undertake sizeable commercial and housing projects,” Mr. Ireri said.
He said the highly successful Bond issue that raised Kshs 7 billion has increased Housing Finance participation and capacity in mortgage lending and housing supply.
The company, he adds, is appraising various large scale housing projects that have capital investment requirements of up to Kshs 1.5 billion.
“Gaining access to alternative sources of funding at competitive rates signals a new dawn in Housing Finance ability to attract and access long term financing,” said Mr. Ireri
EADB Director General, Ms. Vivienne Apopo said the firms will also collaborate in the area of research and in the mobilization of financial resources including the mobilization of domestic financial resources to support projects.
“East African Development Bank has adequate resources to support financing of housing in an integrated approach. We welcome initiatives to explore new financial options, including co-financing,” said Ms. Apopo.
Ms. Apopo said the bank will spearhead the establishment of a regional institution with adequate capacity to promote housing development.
“The institution would be dedicated to promoting the development of housing and housing finance in East Africa,” said Ms. Apopo.
Housing Finance, Property Finance activities span across a range of property types including residential, office space, retail shopping centers, industrial usage, hospitality and educational use.
Under a fully fledged Project Finance department comprising a mix of technical, financial and market knowledge capability, Housing Finance is spearheading concept origination, financial and technical structuring and financing of property acquisition, development and improvement across wide sectors of residential, commercial and industrial use.
Housing Finance has successfully positioned itself as the main player in the property value chain under an ambitious Property Supply Strategy.
The mortgage firm in 2010 signed a co-financing agreement with Shelter-Afrique, a regional housing finance and development institution involved in financing housing and related infrastructure development in Africa.
EABD is a regional premier development financing institution whose main objective is to provide financial assistance to promote socio-economic development of the Member States of Uganda, Kenya and Tanzania.
The Bank offers a mix of financial products and services to viable projects in the Member States. EADB mobilises local resources by issuing bonds. In cases where clients’ requirements go beyond EADB’s financing limits, the Bank can offer syndication and co-financing arrangements.
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