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Saturday, April 20, 2024

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Islamic finance entities in Kenya to support Affordable Housing Plan with initial investment of KES500 billion (US$4.09 million)

KENYA: Kenyan financial sector players have committed to support the government’s Affordable Housing Plan as well as other infrastructure projects with a KES500 billion (US$4.09 billion) investment in the first year alone, a LinkedIn post confirmed. The investments will progressively grow to KES1 trillion (US$8.19 billion) by the fifth year.

The Affordable Housing Plan will bring together the pension industry, insurance firms, savings and credit cooperative organizations, Islamic finance institutions and well as other capital market stakeholders.

As part of the initiative, investment-grade instruments will be listed on the Nairobi Securities Exchange under a REIT for the public to invest.

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