(Updates with housing deficit detail third paragraph.)
Oct. 5 (Bloomberg) -- Kenya Commercial Bank Ltd., the nation’s biggest lender by branches, said it will provide more than $31 million to finance four housing projects planned by Tanzania’s National Housing Corp.
Kenya Commercial Bank plans to fund a total of 10 of the corporation’s projects, Mortgages Director Joram Kiarie told reporters in Nairobi today.
The state-run National Housing Corp. owns most of the prime residential and commercial land in Tanzania, Kiarie said. The housing deficit in east Africa’s second-biggest economy is estimated at three million units and growing at a rate of 200,000 units a year. It is estimated that only 1 percent of new houses are funded through mortgages, according to the corporation’s strategic plan, which runs until 2015.
--Editors: Ana Monteiro, Louis Meixler
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