The U.S International Development Finance Corporation (DFC) in its website writes, “We're financing solutions to the most critical challenges facing the developing world today. We offer direct loans and guaranties of up to $1 billion for tenors as long as 25 years, with specific programs targeting small and medium U.S. businesses.”
Diaspora University Town (DUT) Diaspora Kenyans are today eyeing $500 million. The Diaspora Kenyans who partnered with Ndara B Community to develop a university town have so far progressed the DUT project to become a development plan that can borrow $500 million finance and be able to pay back the money plus interest.
The money that would create 10,000 jobs, a town with 15,000 residents and a university with 5,000 students would be taken up through three plans as follows: the Townhouses development plan, the Diaspora University development plan, and the SMEs development plan.
The Townhouse development plan is a plan for developing 3,600 townhouses. The ongoing development is by Diaspora University Trust and Diaspora Kenyans, who through a THIDA become developers of 1 to 4 units. The plan will take up $234 million of the $500 million, about 47% of the budget.
The Diaspora University development plan incorporates the development of a university by WPI University, Diaspora Scholars and others. Diaspora University Trust is currently developing the Diaspora University, the Diaspora University Town, the Diaspora University Hospital and other projects. The Diaspora University projects will take up to $100 million for buildings and equipment. This is about 20% of the $500 million
The SMEs development plan that is spearheaded by Diaspora Kenyans looking to expand manufacturing to Kenya would take up the remaining amount of $166 million. $40 million will go to Daktari Biotechnology Ltd. The other amount to about 50 Small Medium Enterprises (SMEs) that would start manufacturing products and providing services at the Diaspora University Town.
DFC is a finance institution and agency of the United States federal government. DFC invests in development projects in developing countries. It gives loans, loan guarantees, direct equity investments, and political risk insurance to private-sector led development projects. It invests in all sectors energy, healthcare, infrastructure, technology, housing, education and others.
Diaspora Kenyans, Ndara B Community and others who have created DUT look to tap the $500 million finance from DFC to become buildings and equipment. The Trust has established the business plan and the last stage is to complete the list of 3,600 townhouse developers and the 50 SMEs.
In the 1980’s China private sector pulled in investment money from the U.S. This led to Small Medium Enterprises (SMEs) setting up operations in China. The Chinese Diaspora in the U.S then took the companies back to China. Diaspora Kenyans look to bring to Kenya SMEs for manufacturing through DUT and DFC $500 million finance.
