Wednesday, October 26, 2022 – President William Ruto has secured a whopping Ksh1 trillion from financial institutions for his ambitious affordable housing project.
The president now wants Mama Mbogas and other citizens to invest in the project.
According to Ruto, the project would be listed on Nairobi Stock Exchange (NSE) to allow Kenyans to invest in the real estate industry.
Other than benefiting investors, the program would also create job opportunities.
“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,” read a statement by State House.
“This means small entrepreneurs like Mama Mboga will have a chance to invest under a real estate investment trust,” Ruto echoed.
In the first year, the financial institutions comprising Saccos, pension schemes, and insurance firms agreed to provide north of Ksh500 billion, with the remainder stretched throughout the remaining four years.
The funds will also be used to build industrial parks across the country.
“Referred to as the Sanduku Investment Initiative, its priority projects will include the Railway City Development, Nairobi International Financial Centre and Kenani Leather Park,” State House added.
The deal between financial institutions and the government came barely days after Ruto reiterated the need for domestic borrowing for the development projects.
He noted that the plan would inculcate a saving culture in the country and also grow wealth for informal and formal sector workings as the government awaits to launch the national savings scheme.
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