By PAUL WAFULAMore by this AuthorThe World Bank has approved a Sh25 billion loan for Kenyans who are unable to access affordable housing finance. The loan is expected to provide a silver lining for the Jubilee government’s Affordable Housing project, which has been rocked by controversy due to poor public buy-in. Besides the World Bank investments, about 20 banks and savings and credit cooperative societies (saccos) have contributed capital so far. “Urban housing currently remains unaffordable for most Kenyans due to cost of financing, the short loan tenures and the high cost of properties,” the World Bank boss added. Kenyans largely access loans from saccos that are estimated to provide almost 90 per cent of Kenya’s total housing finance.

Source: Daily Nation May 01, 2019 14:26 UTC