NAIROBI, Dec. 20 (Xinhua) -- The World Bank's private sector lending arm, the International Finance Corporation (IFC), on Wednesday signed an equity investment agreement worth 20.9 million U.S. dollars with the International Housing Solutions (IHS) Kenya, a private equity fund manager, to boost the supply of affordable houses in Kenya.

Henrik Elschner Pedersen, IFC's regional industry director in Africa for manufacturing, agribusiness and services, said that the support will be used to establish a fund to finance the affordable housing projects.

"The equity investment will help in the development and acquisition of approximately 5,000 newly developed, resource-efficient, green affordable housing properties in Kenya," he said in a statement released in Nairobi, the capital of Kenya.

Peter Mayavi, managing director for capital and investor relations at IHS Kenya, said that the funding will be utilized for the building of affordable houses in the Nairobi metropolitan area with expansion to other counties depending on demand.

Mayavi said that Kenya's affordable housing drive is expected to accelerate as it has been identified as one of the key policy areas by the government which intends to roll out housing units, largely under a public-private partnership (PPP) model. Enditem

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