Treasury cabinet secretary yesterday presented the country’s first Ksh. 3trn budget. During the budget reading, the CS emphasized that the government continues to stay focused on providing decent and affordable housing for its citizens as part of the ‘Big Four Agenda’.
“In total, I have allocated approximately Ksh. 450.9 billion to the “Big Four” Plan drivers and their enabling sectors,” said Rotich.
The CS further said that in the new financial year, Ksh. 10.5 billion has been allocated to cater for social housing and construction of affordable housing units, including housing Units for the Police and Kenya Prison.
In addition, the budget included Ksh. 2.3 billion for the Public Servants Housing Mortgage Scheme and Ksh. 5.0 billion for the National Housing Development Fund, as contributions by Government for its employees.
Mr. Rotich also highlighted progress at the recently establishment Kenya Mortgage Refinance Company (KMRC), saying Kenyans will now access affordable mortgage loans for purposes of acquiring homes through the institution.
In total KMRC has a capital base of almost Ksh. 48 billion so far. These include a capital injection of Ksh. 1.0 billion from Government, Ksh. 35 billion credit line from the World Bank and the Africa Development Bank, Ksh.1.2 billion from other shareholders (Banks and SACCOs), and a further Ksh. 400 million is expected from other Development Financial Institutions (IFC and Shelter Afrique) in form of equity injection.
The CS said the government will continue with its infrastructure programmes in order to improve the country’s competitiveness. He proposed the allocation of Ksh. 180.9 billion for on-going roads construction projects as well as the rehabilitation and maintenance of roads.
Treasury has also provided Ksh. 55.8 billion for the completion of Phase 2A of the SGR, Ksh. 11.0 billion for the LAPSSET Project; and Ksh. 7.2 billion for the Mombasa Port Development Project.