CIC Insurance, a leading micro insurance provider in Kenya, aims to raise Sh3 billion ($34.6 million) before 2016 to fund real estate projects and expansion plans.

CIC earlier this month indicated interest in developing a 200-acre high-end residential estate in the East African nation and is estimated to cost between Sh7 million ($80,640) and Sh12 million ($138,248). It also plans to build 2,000 housing units on its 512-acres acquired last year, Business Daily reported.

CIC’s Chief Executive, Nelson Kuria, explained that all angles will be explored in sourcing the funds, highlighting debt and rights issue as priority means.

The insurance firm also hopes to further its expansion programme across the continent. It plans to expend part of the fund to set up operations in Tanzania.

CIC recently agreed a joint venture deal with Malawian Co-operatives (Muscco) to launch an insurance firm in the country. It is also targeting local partnerships to start operations in South Sudan and Uganda.