Rwanda Affordable Housing Finance Project  
Kigali, RW
Status: Open
Specific Construction & Real Estate Infrastructure Property Property Agents and Developers Construction & Real Estate Infrastracture
Rwanda has made impressive progress in economic, environmental, human, and social development. According to the World Bank’s Rwanda Poverty Assessment of April 2015, economic growth during the first half of the decade (2000 to 2010) was concentrated in the City of Kigali (CoK) and while it was pro-poor, it only benefited a fraction of the country’s poor. Hence, the government views urbanization as a key driver to achieve the 11.5 percent annual economic growth needed to reduce poverty and move the country to middle-income status by 2020 as articulated in the country’s Vision 2020.

Rwanda’s housing market is characterized by high rate of home ownership, mostly realized by self-construction of single family homes using low-cost construction methods and materials due to low household incomes. Rwandans finance the construction/ acquisition of their homes primarily through savings, supplemented by a significant and growing share of bank/Microfinance Institution (MFI) credit for housing. The steady growth of housing finance was bolstered by an enabling legal and regulatory environment which was further strengthened in recent years.

However, an array of constraints remains on both the supply and demand side of the housing market which contribute to the limited provision of affordable housing units to date. The limited supply and high cost of housing units for sale has effectively excluded the vast majority of Rwandans as potential homebuyers due to low income levels. Many banks, MFIs and Savings and Credit Cooperative Organizations (SACCOs) consider housing finance as a promising business opportunity, but report the lack of long-term funds as key challenge to further growth in this segment.

  • - The financing component is complemented by a smaller technical assistance component.
  • - Provides eligible financial institutions with long term funding for affordable housing loans and mortgages.
  • - Provision of long term financing and capacity building
  • - Finance to build houses in the urban and peri-urban areas of Kigali city and the secondary cities; in line with the respective zoning and building requirements.
  • - To expand access to affordable housing finance by improving availability of long-term wholesale finance

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