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Diaspora University Town Project Progresses at Taita Taveta
Dr. Wilson Endege, Benjamin Mwandaa and Hon. Rachael Dawai during a meeting passed resolutions that will progress the university town project underway in Taita Taveta. Also present were: Rose Ndiritu, who is part of the Design-Build and is also currently implementing the University Town development plan in Kenya; Retired Colonel Anthony Nyangala who will be receiving the university town land as well as starting the university town plan that will secure the property, persons and students as development progresses; and Pastor Pagiel Mushila, the pastor of the community church.
Dr. Endege who is in the process of kicking off a Biotechnology Company that will produce several biopharmaceutical medicines and vaccines thanked Mr. Mwandaa for his leadership and making it possible for this project to be implemented in the community land. Dr. Endege assured him that once Diaspora Capital flows into the development of the project a better standard of living will be realized in the region. He said, “Once we put in Diaspora capital to create good jobs and develop houses, those working and living in the town we develop will live better.”
In the past development money that results from Diaspora remittances and from bank loan advances has been concentrated in Nairobi and surrounding counties. Dr. Endege informed Hon. Dawai, Benjamin, Pastor Mushila and Rtd Col Nyagala that he and other project developers are in talks with KCB Bank and other banks.
He informed them that all the 44 banks loan advances to persons, businesses, developed property and other loans grew from Kshs 721 billion in 2009 to reach Kshs 2.5 trillion today. He said, “Very little of the Kshs 1.8 trillion growth financed businesses and property outside Nairobi.”
Dr. Endege also talked about the Diaspora remittances in the last 7 years, 2010 – 2016. He said the total remittances were about Kshs 800 billion. He said very little of these remittances came to this region. He said, “This Diaspora project will bring Diaspora money to Taita Taveta. It will also bring bank loan advances capital to Taita Taveta in next 5 years.”
In the period 2017 – 2021, Diaspora remittances are projected as a total of Kshs 1 trillion. Kenya bank loan advances on the other hand, are projected to grow and reach Kshs 5 trillion by the end of year 2021. This means a capital of over Kshs 3 trillion will finance development. The Diaspora project will take a portion of this capital to Taita Taveta.