The Kenyan government and the United Nations Office for Project Services (UNOPS) signed a deal to deliver 100,000 affordable housing units at the 73rd United Nations General Assembly in New York. The deal will be financed through a partnership between UNOPS and the Kenyan government.
The agenda on affordable housing is part of the government’s Big Four plan and is aligned to the United Nations’ Sustainable Development Goals (SDGs).
The Housing Deal
The signed deal is part of UNOPS’ Social Impact Investment Initiative (S3i), a program that highlights the UN’s commitment to promoting innovative financing for the SDGs.
While witnessing the signing of the deal, President Kenyatta said:
“Our Affordable Housing Program seeks to implement interventions that will ensure that developers can produce housing units at scale, homebuyers 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.”
UNOPS Executive Director Grete Faremo said the deal will ensure that people live comfortably and thereby be better placed to contribute to economic growth.
Financing the Housing Agenda
When the agreement has been fully executed, it will increase Kenya’s chances of achieving 500,000 units by 2022 under the Big Four Plan.
The approximated amount for delivering this plan is Sh1.3 billion and the President said he would want to achieve this goal without increasing the pressure on the exchequer.
“We are therefore focusing on financing and investment frameworks that will unlock private sector financing for this program,” he said adding that the investments will increase jobs and propel economic development.
