How Ruto wants Mama Mbogas and Boda Bodas to invest in the affordable housing plan after securing Ksh1 Trillion
Ruto wants Mama Mbogas and Boda Bodas to invest in the affordable housing plan after securing Ksh1 Trillion for the project.
After financial institutions donated over Ksh1 trillion to the initiative, President William Ruto urged mama Mbogas and other citizens to invest in the affordable housing scheme.
Ruto stated that in order to enable Kenyans to invest in the real estate sector, the project would be listed on the Nairobi Stock Exchange (NSE).
According to Ruto, the scheme will not only reward investors but also open up work prospects.
“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.
The financial institutions, which included Saccos, pension plans, and insurance companies, agreed to provide more than Ksh 500 billion in the first year, with the remaining Ksh distributed over the next four years.
Additionally, industrial parks will be constructed across the nation using the cash.
The Railway City Development, Nairobi International Financial Centre, and Kenani Leather Park are among the projects that would receive priority funding from the Sanduku Investment Initiative, according to State House.
Former President Uhuru Kenyatta’s initiative, The Railway City Development, aims to grow Nairobi’s Central Business District (CBD).
The development of Makongeni Modern Suburb was among the other proposals given priority in the finding, along with other projects involving public-private partnerships.
The deal between financial institutions and the government came barely days after Ruto reiterated the need for domestic borrowings for 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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