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Project Summary Note - Kenya Mortgage Refinance Company (KMRC) – Kenya
Provision of a long-term facility of up to EUR 90 mln in the form of a sovereign loan to the Government of Kenya (“GoK”) for on-lending to Kenya Mortgage Refinance Company (KMRC) as a Senior Loan of up to EUR 72 mln and a Subordinated loan of up to EUR 18 mln. The funds from the AfDB will support the GoK endeavors to operationalize KMRC. KMRC will engage in mortgage refinancing through local financial institutions including commercial banks, and Savings and Credit Cooperative Organizations (SACCOS) altogether referred to as Primary Mortgage Lenders (PMLs). It will finance itself in the medium to long term through domestic local currency bond markets. Eventually, the primary role of KMRC shall be to act as an intermediary between the PMLs and institutional investors through domestic bond markets.