The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) Kenya Affordable Housing Finance Project (P165034) EASTERN AND SOUTHERN AFRICA | Kenya | IBRD/IDA | Investment Project Financing (IPF) | FY 2019 | Seq No: 11 | Archived on 23-Jan-2025 | ISR01807 Implementing Agencies: Kenya Ministry of Lands, Public Works, Housing and Urban Development, Kenya Mortgage Refinance Company, Kenya National Treasury and Planning 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 30-Apr-2019) The development objective is to expand access to affordable housing finance to targeted beneficiaries Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Support to the Kenya Mortgage Refinance Company:(Cost 209,000,000.00) Technical Assistance:(Cost 5,000,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial 4. KEY ISSUES & STATUS 4.1 Implementation Status and Key Decisions Jan 24, 2025 Page 1 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) Progress towards meeting the Project Development Objective and Implementation Progress are rated as moderately satisfactory. Despite ongoing macroeconomic and supply-side constraints, efforts are being made to ensure that activities and results stay on track for completion by the Project closing date. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Last Approved Rating Risk Category Approval Package - ISR Seq. 010 - 21 Jul Proposed Rating 30 Apr 2019 2024 Political and Governance Substantial Substantial Substantial Macroeconomic Substantial High High Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Moderate Moderate Moderate Stakeholders Moderate Moderate Moderate Overall Substantial Substantial Substantial Jan 24, 2025 Page 2 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Support to the Kenya Mortgage Refinance Company Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Feb/2019 12,280,702.00 31-Mar-2024 12,280,702.00 31-Mar-2024 12,000,000.00 Jun/2025 Volume of bonds issued by Comments on The first tranche of KMRC’s debut bond was sized at Kes 1.4 billion. The exchange rate used KMRC (Amount(USD)) achieving targets is as of the date of settlement, which was March 4, 2022. Number of affordable 0.00 Jan/2019 3,252 31-Mar-2024 3,252 31-Mar-2024 4,900.00 Jun/2025 mortgage / housing loans refinanced by KMRC (Number) 6.2 Intermediate Results Indicators by Components Support to the Kenya Mortgage Refinance Company Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Percentage mortgage / 0.00 Feb/2019 31 31-Mar-2024 31 31-Mar-2024 40.00 Jun/2025 housing loans refinanced by Comments on Actual (current) has been corrected due to a reporting error. KMRC extended to women achieving targets (Percentage) Average maturity of new 0.00 Feb/2019 11.73 31-Mar-2024 11.73 31-Mar-2024 10.00 Jun/2025 mortgage loans refinanced by KMRC in the year (Years) Jan 24, 2025 Page 3 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) Percentage of Project 0.00 Feb/2019 0.00 31-Mar-2024 0.00 31-Mar-2024 80.00 Dec/2024 beneficiaries who feel project activities reflected their needs (Percentage) Volume of affordable 0.00 Jan/2019 79,440,144.71 31-Mar-2024 79,440,144.71 31-Mar-2024 110,737,000.00 Jun/2025 housing and mortgage loans refinanced by KMRC (Amount(USD)) Mortgage guarantee product No Dec/2023 No 31-Mar-2024 No 31-Mar-2024 Yes Jun/2025 operationalized (Yes/No) Technical Assistance Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Four 0.00 Feb/2019 0.00 31-Aug-2023 0.00 31-Aug-2023 4.00 Jun/2025 strategies/studies/roadmaps completed and adopted by MLPP (Number) 6.3 Performance Based Conditions (PBC) Actual (Previous) Actual (Current) PBC Name Baseline Closing Period Value Date Value Date 1:The Project Value 0.00 10,000,000.00 10,000,000.00 Implementing Entity is legally established, Allocated 17-Apr-2023 17-Apr-2023 has the required 0.00 0.00 0.00 regulatory capital Amount and approvals to Jan 24, 2025 Page 4 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) start operations (Amount(USD)) PBC allocation 10,000,000.00 2:The Borrower has Value 0.00 10,000,000.00 10,000,000.00 provided Tier 2 Capital to the Project Allocated 17-Apr-2023 17-Apr-2023 Implementing Entity 0.00 0.00 0.00 Amount (Amount(USD)) PBC allocation 10,000,000.00 3:The Borrower has Value 0.00 0.00 0.00 provided additional Tier 2 Capital to the Allocated 17-Apr-2023 17-Apr-2023 Project Implementing 0.00 0.00 30,000,000.00 Amount Entity (Amount(USD)) PBC allocation 30,000,000.00 Jan 24, 2025 Page 5 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed IBRD-89580 Effective 250.00 198.63 51.37 134.52 58.90 69.55% 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing IBRD-89580 Effective 30-Apr-2019 05-Dec-2019 02-Jun-2020 30-Jun-2024 30-Jun-2025 8. KEY DATES Jan 24, 2025 Page 6 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) Key Events Planned Actual Approval 30-Apr-2019 30-Apr-2019 Effectiveness 02-Jun-2020 02-Jun-2020 Mid-Term Review No. 01 28-Apr-2022 30-May-2022 Operation Closing/Cancellation 30-Jun-2025 9. RESTRUCTURING HISTORY Restructuring Level 2 Approved on 26-Jan-2024 Restructuring Level 2 Approved on 26-May-2024 10. ASSOCIATED OPERATION(S) There are no associated operations Jan 24, 2025 Page 7 of 7