HOUSING Finance has embarked on its first foreign currency financed project with the unveiling of construction of Bufallo mall in Naivasha belonging to a consortium of British investors and the Delamere family.
Housing Finance, has invested $4.85 million (Sh 417 million) in the mall- a three phase shopping centre which upon completion will total 22,210 square meters of retail and leisure areas on an 18 hectare site.
"We are excited to introduce our first forex financing project in Naivasha, which is a major milestone in project finance in our 48 year history," said HF managing director Frank Ireri.
"This facilitates lower lending rates as well as offers a good foreign exchange risk mitigation to customers," said Ireri.
Housing Finance launched its forex products in October under which all of its products will be available to customers in the either the euro, dollar or pound.