The Kenyan government has inked a deal that could potentially see the development of 80,000 houses in the country by British investors.
The event happened during last week’s inaugural UK-Africa Investment Summit which saw Kenya close funding deals worth Ksh. 170 billion including a separate Ksh. 39 billion deal by UK Climate Investments to sponsor green housing in Kenya.
“During the UK tour, we managed to get potential investors for 80,000 units, 30,000 of them under Nairobi Urban Renewal and 50,000 as rental units,” Housing PS Charles Hinga told Business Daily.
Kenyan envoys to the summit managed to secure deals across different sectors housing, finance, renewables, and entrepreneurship.
The state is looking to revolutionize affordable housing provision under the affordable housing program (AHP) where current progress involves the demolition of old city housing schemes to pave way for modern high-capacity outfits.
This is part of the Nairobi Urban Renewal program which was conceived under the larger Big Four housing agenda whose target is to roll out half a million units of housing stock before 2022.
Implementation of the British investments would give the agenda a much-needed momentum. The scheme has fallen behind schedule with only 228 units so far completed and handed over despite the fact that there are only three years left.