Tanzania, Feb. 6 -- Dar ea Salaam. Tanzania Mortgage Refinance Company Limited (TMRC) has expanded its shareholder base with a Sh1.6 billion investment from Absa Bank Tanzania.

TMRC is a specialised financial institution that provides long-term funding to financial institutions for the purposes of mortgage lending.

As a private sector entity jointly owned by banks and non-bank financial institutions, TMRC's primary objective is to facilitate mortgage lending for banks through the refinancing of their portfolios.

The entry of Absa as a new shareholder of TMRC is likely to boost the mortgage market in Tanzania, which has grown by 672 percent over the past 12 years.

The market stood at Sh76.7 billion in 2011 but leapfrogged to Sh587.2 bi...