Plans to put up 500,000 affordable housing units across the country inched closer to reality yesterday after the Government invited developers to place bids for the project.
The Transport and Housing ministry opened the bids to both local and international developers for the project that will be executed over the next three years.
“The State Department for Housing and Urban Development is inviting interested and eligible strategic partners, including developers, investors, financiers and/or consortiums both local and international, with expertise in development of affordable mass housing to undertake projects under the affordable housing programme,” said the ministry in a notice.
Applicants should place their bids online through the newly-created website bomayangu.co.ke by April 30 to be considered for the programme.
“This call for applications for strategic partners applies to the AHP (affordable housing programme) project pipeline as well as other affordable housing projects which meet the criteria set forth in the guidelines whether on private or public land,” said the ministry.
The bids are also open to private landowners willing to take part in the programme.
The Jubilee Government proposed the affordable housing programme as part of its Big Four agenda.
The plan has, however, faced problems, including a court order stopping employers from deducting money from employees for remittance to the National Housing Fund, an agency that will mobilise finances for the projects.
It has already received early backing from development partners like the World Bank and the United Nations.
The UN Office for Project Services (UNOPS) said earlier this year it would invest $10 million (Sh1 billion) seed capital to kick-start the project and would additionally mobilise other organisations to invest varying amounts, taking the total investment to $647 million (Sh64.7 billion).
The announcement is a follow-up to an agreement signed on the sidelines of the ongoing 73rd United Nations General Assembly in New York in September last year with the Government for the delivery of 100,000 affordable housing units.
“As part of the agreement, UNOPS and its partners will seek to attract $647 million worth of investment to deliver at least 100,000 affordable and sustainable homes across the country,” said Grete Faremo, executive director, UNOPS, in a statement.
The agency said the houses would use green technologies and energy-efficient solar rooftops, while the implementation work will include local equipment, skills and expertise.
At the same time, the Transport, Housing and Urban Development ministry has invited contractors to put up 840 housing units for the Kenya National Police and Kenya Prisons Service staff in several parts of the country.
SEE ALSO :Housing project on course: Official
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.