Home News South Korea to support Kenya’s affordable housing agenda

South Korea to support Kenya’s affordable housing agenda

South Korea has vowed to support Kenya’s affordable housing agenda alongside other initiatives which include energy, agriculture and healthcare; this is after the Prime Minister Lee Nak-yeon visited the country and expressed interest.

Affordable housing is among the four development pillars that President Uhuru Kenyatta has identified for implementation in his final term as president. The Big Four initiative will see 500,000 homes developed in the next five years.

Also Read: How Kenya plans to deliver 500,000 affordable homes in five years

10,000 affordable houses

Recently, 300 acres of land were set aside by Tatu City for the construction of 10,000 affordable houses in Kenya and close to 40,000 people will be beneficiaries of the 10,000 houses that will have several amenities and good infrastructure.

Nairobi and Seoul already have cooperation agreements in agriculture and fisheries, energy and infrastructure, along with healthcare and is yet to add housing.

“We’re keen to provide affordable housing support to Kenya if the government wants us to,” the PM confirmed the reports during the Korea-Kenya Business Forum that seeks to spur more Korean startups to make entry into East Africa.

‘Big Four’ development agenda

To boost the idea, Kenya will also receive a whooping US $2bn grant from the United Nations between 2018 and 2022 for the ‘Big Four’ development agenda; this is after Treasury secretary, Mr. Henry Rotich signed the agreement for the UN’s Development Assistance Framework (UNDAF)

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Yvonne Andiva
Editor/ Business Developer at Group Africa Publishing Ltd


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