A whopping US $30m has been set aside for the construction 1,000 housing units in Kakamega County, Kenya by UBA Bank Kenya.
The bank has an agenda of funding the project hence constructing decent and affordable housing in the region. They intend to partner with the National Housing Corporation (NHC) in the two projects which are set to start in Kakamega and Nairobi Counties.
Also Read: Counties in Kenya Start Implementation Of Affordable Housing
Mr.Isaac Mwige,UBA Bank Kenya Managing Director and Chief Executive, confirmed the reports and said that the lender will be partnering with different agencies to assist in the construction project. He pointed out that the signing of the agreement will take place in the next quarter.
“The signing of the agreement is anticipated to happen within the next quarter, our role will be to finance contractors to aid them in making their work possible. Once the houses are fully constructed, other financial institutions will then come and offer mortgage facilities to potential buyers” said Mr Mwige.
Kenya’s Big Four agenda plan
This initiative is in line with the government’s Big Four agenda that includes provision of affordable housing in the next five years.The agenda also includes, food security, manufacturing and affordable healthcare.
Besides housing, UBA Bank is also looking into partnerships with various county governments to support value addition initiatives especially in tea and coffee growing regions. They are looking to expand both in brick and mortar industries.
