By Eddah Waithaka
The National Land Commission has approved Homabay county’s land lease application to allow pension fund CPF Group to develop its new county headquarters.
CPF will develop the project using a tenant-purchase financing model that provides flexible, long-term financial support.
The project has been updated through the Homabay County Infrastructure Act, which aims to provide a framework for partnerships with private and public entities to fund priority infrastructure in the county.
The Chairman of the National Land Commission, Gershom Otachi, expressed his satisfaction with the agreement, stressing that the approval sets the stage for compliance with legal requirements on strategic land use to promote sustainable, long-term investment.
NLC also agreed to facilitate similar transactions for other county governments.
CPF Group Managing Director and CEO Hosea Kili praised the National Land Commission and Homabay County for facilitating the transaction and making the project attractive to potential investors.
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“We are excited to be pioneering a transaction commitment of this kind that uses innovative financing models such as the tenant purchase scheme for public infrastructure projects,” said Kili.
The new headquarters will serve as a cornerstone for improved innovation, productivity and service delivery for all Homabay residents, said Homabay Governor Gladys Wanga.
“The project will not only provide a modern and efficient workspace for county government officials, but it will also serve as a symbol of progress and development for the entire region,” Wanga said.
Last year, CPF invested in the Africa Finance Corporation, a move that will allow the two entities to fund targeted infrastructure investments in the country.
The move, the two companies said, is designed to cushion Kenya and other African economies from the effects of currency devaluation that make foreign borrowing expensive.
