Centum Re has received Sh2.6 billion from the International Finance Corporation (IFC) for the construction of nearly 2,000 affordable houses at the Two Rivers Development.

The fund from the World Bank’s lending arm, which will be repaid in seven years, will be used to construct green, affordable homes within the Mizizi project sited at the Two Rivers residential and commercial complex.

“The facility allows Centum RE to take a long-term view and develop housing communities of scale in the region,” Centum Re Managing Director Kenneth Mbae said.

IFC funding represents about a fifth of the total project cost of Sh11.6 billion.

In 2023, Centum Re paid up a Sh3 billion bond that it issued to finance its housing projects, priced at between Sh1.9 million and Sh10 million.

“The homes are expected to be constructed in phases. The first phase is already significantly advanced with 600 houses already completed and sold out,” added Mbae.

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Mbae believes IFC funding will be crucial in attracting more investors into Centum Re projects.

“IFC is an aspirational partner to many businesses. We believe success attracts more success and other institutions will keen to partner with Centum RE.”