New Sh5 billion initiative unveiled to boost affordable housing

Finsco Africa CEO John Mwaura (right) with Go Greenwood Bank President, Ray Glover (left) during the signing of a memorandum of understanding. [Standard, File]

A new initiative seeking to boost affordable housing projects in the country has been launched.

Finsco Africa, a leading real estate firm, announced a funding agreement with Atlanta-based Go Greenwood Bank LCC to address housing needs for lower and upper-middle-class segments.

The partnership formalised through a mutual agreement, seeks to meet the growing demand for affordable housing in urban centres and surrounding areas.

 Under the agreement, Go Greenwood Bank LCC has pledged Sh5 billion in phased funding for residential projects across Nairobi, Kiambu, Murang’a, Machakos, Kisumu, Eldoret, and Nakuru.

"This partnership signifies our dedication to supporting sustainable urban development," said Finsco Africa CEO John Mwaura.

Go Greenwood Bank LCC President Ray Glover highlighted the importance of investing in expanding communities across Africa.

"What is fascinating about this particular opportunity is that there are issues with minority communities across the globe. By using Kenya as a gateway to Africa, we aim to replicate the successful initiatives we have implemented in America," said Glover.

The project is facilitated by the Kenya National Chamber of Commerce and Industry (KNCCI).

Finsco Africa has previously collaborated with local lenders to finance its land and real estate ventures, including recent projects such as Bliss Water Park in Naivasha and the Thika Grove Chania development in Thika.