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Byline: Mwaniki Wahome
Housing Finance's Sh7 billion bond started trading at the Nairobi Stock Exchange on Wednesday, heralding a new phase in long-term financing for the local construction industry.
President Mwai Kibaki, who launched the infrastructure bond, challenged developers to use cheaper materials to make houses affordable.
"This launch marks a milestone not only in the development of our capital markets but also in facilitation of access to long-term finance," he said.
Mr Kibaki said despite the policy reforms, access to mortgage financing remained a preserve of those who have predictable streams of income and collateral.