MFIs Seen as Way Forward to Boost Housing Supply
Monday, February 28, 2011
The World Bank is calling on microfinanciers to fund housing projects in Kenya to meet the high demand for affordable homes in the low-end market.
The Bank said Kenya should take cue from India’s housing microfinancing concept that has already seen development of 20,000 homes for low income earners and is looking to deliver 500,000 units in a few years.
Speaking during the launch of the Housing Finance report in Nairobi, Simon Walley of the World Bank said:
“We need to work in parallel on housing solutions for poorer segments of society, particularly those in the informal sector, which represent the majority of the population.”
The housing microfinance concept was first launched by Monitor Group in India.
Monitor Group approaches companies and industries whose workers are low income earners and are interested in owning homes- to sign up with them.