UNITED NATIONS– President Uhuru Kenyatta on Wednesday morning witnessed the signing of a deal between the Kenyan Government and a United Nations to build 100,000 affordable housing units through a project to be financed by a partnership between the government and the UN Office for Project Services (UNOPS).
The signing of the agreement took place on the sidelines of the ongoing 73rd United Nations General Assembly in New York. The affordable housing project is part of the UN agency’s Social Impact Investment Initiative (S3i), a pogramme which underlines the UN’s commitment to fostering innovative financing for the Sustainable Development Goals (SDGs).
When fully implemented, the agreement will boost Kenya’s efforts to realize its ambitious affordable housing agenda as outlined in the Government’s Big 4 development blueprint by injecting 100,000 units into the market.
Our Affordable Housing Programme seeks to implement interventions that will ensure that developers can produce housing units at scale, home buyers can access affordable financing facilities that allow them to buy homes, and that the enabling environment facilitates innovation, embraces technology, and commercial arrangements that can bring down the cost of construction, President Kenyatta said at the agreement signing.
The total estimated investments for the programme of delivering affordable housing in Kenya is approximately 13 billion US dollars. Under the Affordable Housing Programme, the Government of Kenya aims to provide half a million adequate, decent and affordable houses for its citizens by 2022.
President Kenyatta said he wants the government to deliver on its housing commitment without putting undue pressure on the exchequer.
We are therefore focusing on financing and investment frameworks that will unlock private sector financing for this programme, said the President.
We are further making simultaneous investment in the housing supply chain and specifically in manufacturing of inputs into the housing developments. We are embracing commercial arrangements that will incentivize the manufacturing sector to invest adequately to meet the imminent demands of the housing sector, he added.
The President added that for every dollar to be invested, the country anticipates that up to three times will be realized in the larger economy.
Source: NAM NEWS NETWORK