Kenya, United Nations Agree on 100,000 Affordable Homes

(Bloomberg) -- Kenya and a United Nations agency agreed to facilitate the construction of 100,000 affordable homes, President Uhuru Kenyatta said.

The East African leader has vowed to boost supply of housing for low-income earners by 500,000 units before his second term ends in 2022, a promise that will require $13 billion of investment to fulfill, according to an emailed statement.

The initiative will create as many as five direct jobs and eight employment opportunities per unit, he said of the general housing plan. The UN Office for Project Services will remove the risk of infrastructure investment from the projects to help attract private-sector financing, Executive Director Grete Faremo said.

To contact the reporter on this story: Helen Nyambura in Nairobi at hnyambura@bloomberg.net

To contact the editors responsible for this story: Paul Richardson at pmrichardson@bloomberg.net, Rene Vollgraaff

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