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President Ruto has invited South Africa's private sector to invest in Kenya's real estate sector, particularly the affordable housing projects.
Ruto, who spoke during the Kenya-South Africa trade summit at KICC in Nairobi on Wednesday, said the country has a deficit of over two million houses and the government intends to bridge the gap by putting up 200,000 units annually.
This, he said, presents South African investors with an opportunity to tap into a lucrative and marketable market due to the high demand for affordable houses in Kenya.
"President Ramaphosa told me you have already built four million houses in South Africa, we want to build at least 200,000 houses every year and we want SA companies to come and work with us," said Ruto, who was accompanied by South Africa President Cyril Ramaphosa.
"Bring your technology and your investments; we are going to give you the land and we will build the infrastructure for you. We will make sure there are sewer lines, roads, electricity and water connections."
Once the housing projects are completed, Ruto said the government will purchase the homes from the investors before earmarking and commissioning other similar projects.
"When you are done with construction we are going to buy the houses from you. We will pay you and once you hand over you can move on to the next project," he added.
He likewise urged the South African business community to invest more widely in water harvesting projects in the country, saying the water crisis in Kenya is more of an economic problem and not a matter of physical scarcity.
"We have already lined up the first 100 big dams which we want to build using a water purchase agreement instrument. Build the dams and we will buy the water from you; we will underwrite the purchase of that water," he said. "There is a tremendous opportunity for you to invest in us and for us to give you the opportunity to earn from working together with Kenya under the PPP window."
Earlier, Ruto and Ramaphosa, witnessed the signing of three Memoranda of Understanding (MoU) and a cooperation agreement at State House, Nairobi to augment bilateral relations between the two countries. The deals will see Kenya and South Africa eliminate trade barriers and cooperate in the fields of correctional services and housing, among others.