KISUMU, Kenya, Sep 29 – Kenyans in the diaspora from Western Kenya are set to build a Sh1 billion housing units in the lakeside city of Kisumu to contribute to the growth and development of the country.
Wema Magharibi Limited, a company incorporated in 2020 by Kenyans living in the diaspora is set to revolutionize the real estate sector in the region.
The chairman of the company, George Mudachi, says besides the remittances from abroad for consumption purposes, they resolved to invest back at home.
“Two years ago, a few leaders from the diaspora community sat down and desired to change the narrative of diaspora remittances, where most of the remittances are only meant for consumption purposes,” he said.
Mudachi says investing back home will now bring them long term income as most of them plan to return home for retirement.
According to records, diaspora remittances into the country last year hit a record of $4 billion, making it Kenya’s largest foreign exchange earner at the moment.
Speaking on Thursday during the groundbreaking of the 128 state of the art units in Riat hills along Kisumu Kakamega road in the outskirts of Kisumu city, Mudachi says in the next two years, the units will be up and occupied.
“The houses will comprise of 50 number of units of 3 bedrooms, 70 number of units of 2 bedrooms and 8 number of units of 1 bedrooms,” he announced.
The structure will come with amenities such as a swimming pool, club house football, basketball, court gym, spa and restaurant.
Mudachi says a total of 120 members from the diaspora are financing the units as part of their contributions to build on the economy of the country.
The members are drawn from the United States of America, United Kingdom, Dubai, Canada and Australia amongst others.
The chairman noted that they chose the location of Kisumu to invest due to its strategic location and the existing infrastructure.
“Road network has tremendously improved, social amenities are readily available, schools, hospitals and many other aspects have started attracting tourists and investors into this city,” he said.
Kisumu Deputy Governor Mathews Owili who presided over the groundbreaking narrated how his many trips to USA bore fruit when he met Kenyans living abroad and sweet talked them to come invest back at home.
“I told them that Kisumu has a great potential for development, teaming with a bright young pool of professionals,” he said.
Owili says the county government of Kisumu has continued to offer an enabling environment to investors without putting bottle necks.
“Our county gave the approvals that were required in good time and we know that the private sector obviously is the engine upon which a government economy is driven,” he said.
The Deputy Governor announced that the administration of Governor Anyang Nyong’o had pledged to construct 10,000 housing units by the year 2027.
Already, the construction of 3,000 affordable units at Makasembo estate now stands at 65 percent complete.
Laban Mburu, the Nyanza Regional Kenya Investment Authority (KIA) representative, assured the private sector that the government is keen on tapping on their strength.
Mburu tipped the diasporas to take advantage of the many opportunities especially in the agri-business sector.
“If you can raise Sh. 1 billion to build houses, I would want you to invest in the food value chains and take advantage of the aggregation parks, which the county governments in collaboration with the national government have brought together,” he said.
