Absa Bank Kenya has committed Ksh. 4 billion to fund affordable housing in Kenya, expanding its investment portfolio with Kenya Mortgage Refinance Company (KMRC), an increase from Ksh. 3 billion.
Speaking at the International Housing Solutions (IHS) Affordable Housing Conference in Nairobi, Absa Bank Commercial Property Finance East Africa Director, Zaharaa Khanbhai said the bank is playing a critical role to address the challenges and close the financing gap in affordable housing not only in Kenya but across the region.
“If we are truly to unlock Kenya’s housing potential, we must collectively address the barriers from land availability and infrastructure cost to regulatory complexity and access to finance,” said Zaharaa Khanbhai adding that Absa Bank is committed to being part of the solution, not just a financier, but as a thought partner, advocate and enabler of change.
The conference, the first to be held in Kenya, comes at a time when the housing deficit in Kenya currently stands at over 2 million units, with annual demand rising by more than 200,000 homes. The event convened the continent’s leading voices in housing, finance and policy to explore the intersection of innovation, sustainable finance, and inclusive development in addressing Kenya’s affordable housing challenge.
The Government of Kenya is already steps ahead with the Affordable Housing Program and has laid a firm foundation for investments in this space with enabling policy frameworks. This provides the opportunity for the private sector to step in and come up with scalable solutions.
As part of its broader pan-African strategy, Absa Bank is leveraging the capabilities of the Absa Group to provide developers and investors with more sophisticated, large-scale financial solutions. This spans commercial, retail, hospitality, and green infrastructure projects, aligned with the group’s focus on smart, sustainable, and affordable development.