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Canada’s Total Climate Finance Contribution:
$4,000,000 CAD
- 2010 to 2011: $4,000,000 CAD
Targeted Countries:
Kenya
Funding Period: 2010 to 2011
Financial Instrument:
Concessional Loan
Type of Support:
Mitigation
Project Funded through a Canadian Facility:
IFC - Canada Climate Change Program (CCCP)
Delivery Partner(s):
Description
The IFC-Canada Climate Change Program provided support to a local financial intermediary, to enter the country’s emerging green housing market and encourage property developers to build eco-friendly homes. The program funds will enable the bank to grow its mortgage and property development finance business, and include green elements in a portion of their new housing portfolio. Ultimately, the project is expected to demonstrate the economic benefits of green housing to mortgage providers, developers and homebuyers so that they are willing to incorporate and pay for green enhancements on a commercial basis.
Results/Expected Outcomes
With Canada's contribution, this project expects to increase access to affordable housing and to help grow the housing supply in Kenya through on-lending to property developers. In addition, it is expected to abate greenhouse gas emissions and facilitate energy efficient housing developments, therefore introducing and promoting a new sustainable housing product into the Kenyan market. With support from Canada, this project is expected to mobilize an additional $1.04 million in co-financing from public and private sources and lead to an estimated greenhouse gas emissions reduction of 1,800 metric tons of CO2 per year.*
Co-Financing/Mobilized Finance ($CAD):
$104,000,000
Estimated GHG (metric tons of CO₂) Reduction Associated with Project (per year)Disclaimer *:
1,800