A whopping US$ 20m has been secured by the Kericho County Government for the construction of affordable housing in the region. This is in accordance with the development agenda by the president of the Republic.
The funds which will come a long way in helping to kick start the programme is from an investor from the United Arab Emirates, the County will only need to provide land for the development to commence.
Also Read: Construction of 30,000 low-cost houses in Kenya to commence soon
Confirming the reports was Trade Chief Executive Officer Barnabas Ngeno who said that the National government is currently not ready with the funds hence the reason for seeking funds from elsewhere.
The National government
“The National government may not have ready funds to actualize its housing agenda and that is why we sought funds from elsewhere, we are finalizing talks with our investor, and Jamii Bora Bank will be the managing agent of the funds,” he said.
Once the project is complete, tenants will be required to pay in installments for ownership of the houses instead of rent which is the common means used in most areas. This is a very good initiative that will help transform the counties and better the lives of citizens, especially the poor.
The other items on the president’s ‘Big Four’ agenda are universal healthcare, food security and manufacturing.
Kenya’s economic activity is expected to plunge in 2017 to 5.5%, picking up again in 2018 and 2019; this is according to the latest economic update from the World Bank Group. The Kenya Economic Update: Housing—Unavailable and Unaffordable, attributes the slowdown in economic activity to slow credit growth, the ongoing drought, and rising global oil prices.
