Release date: 5 May 2020
Promoter – Financial Intermediary
INTERNATIONAL HOUSING SOLUTIONS (RF) (PTY) LTD,IQ EQ FUND MANAGEMENT (LUXEMBOURG) SALocation
Description
The project consists in an investment programme into a Luxembourg equity fund, promoted by the International Housing Solutions Group, which will operate with local property developers in Kenya.
Objectives
The Fund will develop multi-family energy efficient and affordable housing in urban areas, especially in Nairobi.
Sector(s)
- Urban development - Construction
Proposed EIB finance (Approximate amount)
EUR 36 million
Total cost (Approximate amount)
EUR 180 million
Environmental aspects
The projects will bring a positive impact on the environment as they will be developed according to the EDGE resource and energy efficient green housing standards. An innovation of the International Finance Corporation (IFC), a member of the World Bank Group, EDGE empowers emerging markets to scale up resource-efficient buildings in a fast, easy, and affordable way. EDGE enables developers and builders to quickly identify the most cost-effective ways to reduce energy use, water use and embodied energy in materials. The EIB will require that each investment meets all local and EIB environmental requirements and that the promoter ensure though appropriate measures that all EIB's Environmental and Social Standards (E&S) risks during construction and operation will be mitigated. Details will be reviewed during appraisal on the promoter's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation and the E&S, as well as the capacity of the promoter to assess and monitor environmental and social risks and impacts.
Procurement
It is anticipated that most operations will be private investment operations subject to a private procurement regime in line with the EIB's Guide to Procurement. If operations were to finance state-sponsored entities, they would have to follow public procurement as set forth in the EIB guide to procurement.
Status
Signed - 14/12/2020
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).