The US International Development Finance Corporation (DFC) has reached an agreement with real estate developer Acorn Holdings to develop a portfolio of green student housing in East Africa.
This initiative aims to address the shortage of eco-friendly student accommodations in the region.
The DFC signed a $180 million financing agreement with Acorn Holdings Limited, a real estate developer and asset manager of rental housing in Africa, to support a green student housing program in Kenya.
The DFC expects this investment to catalyze an additional $360 million in local currency for the project, while Acorn will build and manage the housing. Once operational, these facilities will constitute one of the largest portfolios of green housing in East Africa, helping to reduce the deficit in this sector.
The DFC announced this financing during the USA-Kenya business forum, held alongside President William Ruto’s visit to the United States on May 22 and 23, 2024. Beyond housing, the agency has also committed to funding projects in electric mobility, healthcare, and digital connectivity in Kenya, with a total investment exceeding $250 million.
Additionally, the DFC plans to open a representative office in Nairobi to strengthen its investments in the Kenyan private sector.