OPIC and Acorn Holding Limited Sign $50M Financing Agreement for Student Housing
The Overseas Private Investment Company (OPIC), the U.S. Government’s development finance institution, and Acorn Holdings Limited (Acorn) today signed a $50 million agreement unveiling a $50 million financing arrangement supporting the construction of student housing in Kenya. OPIC was represented by Small Medium Enterprise Finance Managing Director Debra L. Erb while Acorn was represented by the Chief Executive Officer Edward M. Kirathe. The ceremony was witnessed by the Principal Secretary State Department of Trade of the Government of Kenya Dr. Chris Kiptoo, CBS and U.S. Ambassador to Kenya Robert F. Godec.
Student housing in Nairobi is severely limited, unsafe, and often lacking basic amenities. This project will help bridge the gap by constructing 5,000 units of housing for both public and private universities in the city.
“By addressing one of the country’s most pressing development needs, these projects will be hugely impactful,” said OPIC President and Chief Executive Officer Ray W. Washburne. “OPIC is proud of its work in Kenya and this investment highlights its continued commitment to supporting the private sector and advancing development in the country.” …