Corporate News
Kenya faces hard spending choices after a positive vote
President Kibaki during an address to the nation at the Kenyatta International Conference Centre, Nairobi. He said the ushering in of a new Constitution dispensation will herald development August 5, 2010. On the left is Prime Minister Raila Odinga and his deputy Musalia Mudavadi. Photo/WILLIAM OERI
Posted Friday, August 6 2010 at 00:00
“The devolution of funds will certainly create job opportunities and boost social and physical infrastructure” said Ibrahim Mwathane, a former chair of Institution of Surveyors of Kenya (ISK). “It’s perhaps the best effort there ever was to unlock a prosperous future for this country as it embraces personal liberty, education, justice, a tamed executive and a checked Parliament. ”
On land, the proposed law bars non-Kenyan citizens from having freehold entitlement to land and instead caps it at 99 years.
The provision has sparked fear among foreigners with freehold titles to large tracts and who will now be required to surrender their titles in exchange for leasehold ownership.
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