NAIROBI, Sept. 8 (Xinhua) -- Kenya's national housing development fund has mobilized 500 million shillings (about 4.6 million U.S. dollars) toward the construction of affordable houses.
James Macharia, Cabinet Secretary of Ministry of Transport, Infrastructure, Housing, Urban Development and Public Works, told journalists in Nairobi that the fund has so far registered 23,000 voluntary monthly contributors in the past two years.
"When Kenyans see the number of housing units completed, the number of contributors will go up," Macharia said during a media briefing ahead of Shelter Afrique's 39th annual general meeting (AGM) and annual housing symposium that will take place virtually with Kenya as the host from Sept. 15-17, marking the fourth time in recent years that the east African nation is hosting the event.
Macharia said that the national housing development fund is expected to provide the finance for the construction of 500,000 affordable houses.
He observed that there are currently 8,800 housing projects that are in various stages of completion while investors have already identified land to put up 370,000 housing units.
"There has been a slow down due to COVID-19 but eventually the target will be achieved," he added.
According to the ministry of housing, the fund was put in place to provide a ready market for the real estate sector that caters to the low-income segment of the population.
Macharia noted that the government is also prioritizing the construction of social housing in order to contain the proliferation of slums in the country. Enditem