Financial sector players on Monday, October 24, agreed to support the Government’s Affordable Housing Plan and other major infrastructure projects including industrial parks with a Sh500 Billion investment in the first year.
The investment will progressively grow to a total of Sh1 trillion in the fifth year.
The deal, which was reached in a meeting chaired by President William Ruto at State House, Nairobi, on Monday, brings together the pensions industry, insurance firms, saccos, cooperatives, and Islamic finance institutions.
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Referred to as the Sanduku Investment Initiative, its priority projects will include the Railway City Development, Nairobi International Financial Centre, Kenani Leather Park, Makongeni Modern Suburb among other public-private partnership projects.
“This means small entrepreneurs like Mama Mboga will have a chance to invest under a real estate investment trust,” Ruto stated.
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.
