From Reuters

Kenya’s National Housing Corporation, a government agency for developing residential houses, plans to issue a 5 billion shilling ($54.53 million) bond this year, a local newspaper reported on Monday.

Business Daily quoted the firm saying proceeds from the issue, which will be listed on the Nairobi bourse, will be used to fund the construction of news homes in the capital and two other cities.

The east African nation’s housing market is beset by a number of challenges including failure to keep up with demand, a very shallow mortgages market as well as corruption and red tape in the ministry of lands and housing.

Read more at Reuters