Former Wundanyi MP, Hon. Thomas Mwandeghu paid a visit to Diaspora University Town (DUT). He was welcomed by Ronald Mwangombe of Ndara B Community and Dan Kamau, the DUT Project Director. The DUT team was happy to host Hon. Mwandeghu, whose profession is finance. During the visit, the talks centered on how Taita Taveta can tap Ksh 25 billion from the Kenya Mortgage Refinance Company through the 3,500 townhouses planned. By the end of the meeting Hon. Hon. Mwandeghu's work of bringing Ksh 25 billion to Taita Taveta via DUT was established.
Dan, discussing how DUT can channel Ksh 25 billion to Taita Taveta by 2030, said that KMRC is similar to Fannie Mae in the U.S that was started in 1938. Since then, Fannie Mae has grown to issue about $4 trillion mortgages and its sister, Freddie Mac (started in 1968), has issued about $3.5 trillion, totaling approximately $7.5 trillion.
He further showed Hon. Mwandeghu the KMRC financial statements that had Ksh 17 billion held in cash and not yet turned into mortgages. He said the reason for this is the job creation system and added that the DUT's 20,000 jobs creation approach combined with the 3,500 townhouses development using GDP growth systems similar to those in the U.S. can bring Ksh 25 billion to Taita Taveta in next 5 years.
Ronald Mwangombe, who was part of the 85 Ndara B Community members that reviewed the project plan and saw the opportunities, talked about how the Ndara B Community and Taita Taveta residents will benefit as 20,000 new jobs are created and more students in Taita Taveta get university education. He informed Hon. Mwandeghu that the Community members have organized how they will produce building materials mainly concrete, wood and metal products.
Ksh 25 billion will primarily fund the materials and labor used to build the houses, Ronald said. He added that about 5,000 jobs will be created in the Ndara B building material production and another 3,000 in the DUT construction. He concluded by saying the Ndara B Community partnering with Diaspora Kenyans, Voi residents and Kenyans will achieve a new, well-planned town.
Hon. Mwandeghu appreciated the DUT plan, the Ndara B Community plan, and the work put in. He said that this is a project that should be achieved. He promised to spend time studying the financial system and play his part in informing and educating Taita Taveta residents and Kenyans about the project and the finance approach to bring Ksh 25 billion for Taita Taveta, create 20,000 jobs, and achieve university education opportunities.
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