A partnership between Macquarie Group鈥檚 Green Investment Group and the UK Government is planning to invest up to 拢30m (鈧�45.7m) to support an affordable housing fund in Kenya.
UK Climate Investments (UKCI) said the capital commitment to the locally managed strategy targeting $80-250m of investor commitments, is intended to sponsor the construction and development of 10,000 energy and water-efficient homes in Kenya.
UKCI鈥檚 commitment will help address a critical shortage of affordable housing in Nairobi and contribute to the country鈥檚 goal of building 500,000 new affordable homes by 2022.
Richard Abel, managing director of UK Climate Investments, said: 鈥淎s Kenya鈥檚 urban population grows, the need for new affordable housing has never been greater.
鈥淭he commitment we have announced today represents an exciting opportunity to help address this challenge 鈥� financing the construction of new affordable homes whilst showcasing how more sustainable building design can help tackle the effects of climate change.鈥�
Jane Marriott, British High Commissioner to Kenya, said: 鈥淭he UK is proud to partner with Kenya to tackle the pressing challenges of climate change and affordable housing.鈥�
Marriott said UKCI鈥檚 拢30m ion anchor investment will help build affordable, climate-friendly homes and promote green building standards in Kenya.
UKCI is a 拢200m pilot venture between Green Investment Group and the UK Government鈥檚 Department for Business, Energy and Industrial Strategy.
The venture 鈥� managed by Macquarie Infrastructure and Real Assets 鈥� invests in India and sub-Saharan Africa.
