President Uhuru Kenyatta on wedneday morning witnessed the signing of a deal to deliver 100,000 affordable housing units
The project will be financed through a partnership between the Kenya Government and the United Nations Office for Project Services (UNOPS).
he signing of the deal took place on the sidelines of the ongoing 73rd United Nations General Assembly in New York.
The affordable housing agreement between Kenya and UNOPS is part of the UN agency’s Social Impact Investment Initiative (S3i), a pogramme that underlines UN’s commitment to fostering innovative financing for the Sustainable Development Goals (SDGs).
When fully implemented, the agreement will boost Kenya’s efforts towards the realization of the 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 Program 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 observed.
The total estimated investments for the program of delivering affordable housing is approximately $13 billion.
President Kenyatta said he wants the government to deliver on its housing commitment without putting undue pressure on the exchequer.
The Head of State expressed strong support for UNOPS’ involvement in achieving the ‘Big 4’ agenda and welcomed any other future initiatives aimed at addressing Kenya’s housing needs.
“We are honoured to have such a noble partner and we look forward to unlocking similar partnerships that will allow us to fulfill our duties as leaders and pave way for adequate, decent, and affordable housing for Kenyans,” the President said.
The President added that for every dollar that will be invested, the country anticipates that up to three times will be realized in the greater economy.
“We believe that we will be able to utilize our labour and create 3 to 5 direct jobs and up to 8 indirect jobs per unit we build,” President Kenyatta said.
On her part, UNOPS Executive Director Grete Faremo lauded the agreement saying the initiative is part of efforts to ensure people have opportunity to live comfortably so as to contribute to the country’s economic growth without many challenges in life.
“Ensuring that people have an adequate and sanitary place to call home is a prerequisite for providing social and economic opportunities, and stimulating economic growth and development,” said Faremo.
“That’s why UNOPS has made affordable housing a core focus of its Social Impact Investment Initiative. We are proud to be working with the Government of Kenya to facilitate new kinds of investment in Kenya’s affordable housing sector and to help make its housing priorities a reality, ” the UNOPS Executive Director added.
UNOPS Social Impact Investment Initiative seeks to de-risk infrastructure investment projects that will help to attract financing from the private sector.
[BUSINESS] Kenya and the UN sign deal to deliver 100,000 affordable housing units: New York, USA, Sept 27 – President Uhuru Kenyatta on Wednesday morning witnessed the signing of a deal to deliver 100,000 afford.. https://t.co/CqiznxtwSW
— Breaking News (@News_Kenya) September 27, 2018