ACORN - Edenvale Developments LLP (DFC-2018-ACORNEDENVAL)

Countries
  • Kenya
Where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Acorn Holdings Limited
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 3.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 3.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 6.49 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ DFC website

Updated in EWS Jun 27, 2020


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Project Description

This Project is expected to have a positive developmental impact in Kenya by increasing the supply of affordable student housing in Nairobi. This Project will help address the housing supply gap  by developing over 300 rental units that are affordable to the student population in Nairobi. The Government of Kenya has estimated an urban housing need of 150,000 dwellings per year, which is expected to increase as the urban population grows and demand continues to outpace supply. The rise in Kenya’s university population, which has grown by over 35% since 2012, has created increasing demand for student housing. The shortfall in housing is worsened by the fact that developers mainly target the upper-middle and upper income earners who can afford to purchase their homes with cash or have easier access to mortgages. Further, the long-term OPIC loan will provide the developer with a stable source of patient capital. The Project will also indirectly strengthen the Kenyan construction sector through procurement of local goods and services and temporary construction labor. Finally, the Project aligns with UN Sustainable Development Goal #11 (Sustainable Cities & Communities)

Investment Description
  • US International Development Finance Corporation (DFC)
Contact Information

No contact information provided at the time of disclosure