World Bank's IFC to Invest KSh 3 Billion in Kenya's Affordable Housing Project

The International Finance Corporation (IFC) has entered into an investment agreement, committing around KSh 3.2 billion, for affordable housing projects in Kenya. This financing is intended to support the construction of 3,400 affordable housing units in the country. The affordable housing initiative operates under a Public-Private Partnership (PPP) model and seeks to alleviate the annual housing deficit, estimated at 200,000 units in Kenya. The investment from IFC is part of efforts to address the housing challenges in the region.

The agreement, signed on December 15, 2023, at the IFC/World Bank Headquarters in Upperhill Nairobi, marks a strategic partnership between the IFC and IHS Kenya. The IFC's investment involves an equity co-investment package of up to €19.3 million (approximately $20.9 million or KSh 3.2 billion). This investment is intended to be made alongside IHS Kenya Green Housing Partnership LLP and IHS Kenya Green Housing SCSp (the Fund). The funds will be used for the development and acquisition of approximately 5,000 newly developed, resource-efficient, green affordable housing properties in Kenya. This initiative reflects the IFC's commitment to supporting sustainable and affordable housing solutions in the region.

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Esther Passaris Pens William Ruto Sweet Birthday Message: "No More Lamenting''

Esther Passaris, elected under the Azimio La Umoja One Kenya Coalition Party, has been publicly aligning herself with President William Ruto's Kenya Kwanza Alliance. This move has drawn criticism from her party, the Orange Democratic Movement (ODM). Passaris faced backlash for her vote in favor of the controversial Finance Bill 2023, which increased VAT on fuel and introduced a housing levy that was later nullified. Despite the criticism, Passaris suggested that Kenyans, under Ruto's leadership, were united and no longer expressing grievances. William Ruto was born on December 21, 1966, in Uasin Gishu county, Kenya. He emerged as a prominent political figure and ascended to the country's top leadership position after winning the 2022 presidential election against his rival Raila Odinga of the Azimio La Umoja One Kenya Coalition Party Esther Passaris, who obtained a ticket from the Orange Democratic Movement, a key part of the Azimio la Umoja coalition, openly expressed he...

Tanzania's Samia Suluhu Dissolves Entire Electricity Board Over Frequent Power Blackouts

President Samia Suluhu Hassan took the decision to dissolve the entire board of the Tanzania Electricity Supply Company (Tanesco) on Thursday in response to widespread dissatisfaction among Tanzanians over frequent power outages. The outages are attributed to power rationing in Tanzania, stemming from reduced water levels in dams and ongoing repairs to power lines. This situation has led to a significant 400-megawatt shortfall in the country's power supply. The move to dissolve the Tanesco board reflects the government's response to address the challenges and improve the electricity situation in Tanzania.

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