Financial Sectors Agreed To Support Government's Housing Project

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Financial sector players have agreed to support the Government's Affordable Housing Plan and other major infrastructure projects, including industrial parks, with an Sh500 Billion ($4.1 billion) investment in the first year.

The investment will progressively grow to a total of Sh1 trillion ($8.3 billion) in the fifth year.

The deal, which was reached in a meeting chaired by President William Ruto at State House, Nairobi, on Monday, brings together the pensions industry, insurance firms, SACCOs, cooperatives, and Islamic finance institutions.

Referred to as the Sanduku Investment Initiative, its priority projects will include the Railway City Development, Nairobi International Financial Centre, Kenani Leather Park, and Makongeni Modern Suburb, among other public-private partnership projects.

The meeting agreed to use a structure agreed on by the Capital Markets Authority and Nairobi Securities Exchange (NSE) to facilitate investment-grade instruments to be listed on the NSE.

"This means small entrepreneurs like Mama Mboga will have a chance to invest under a real estate investment trust," said the President.

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