[Lands Cabinet secretary Prof. Jacob Kaimenyi (Photo-kenyans.co.ke)]The Ministry of Lands and Physical Planning in conjunction with the National Land Commission has established a committee with terms and references to establish a land bank.
Lands Cabinet secretary Prof. Jacob Kaimenyi has said that Land Banking is not a familiar concept to land administrators and managers of public land whether at national or county level
”Establishing a Land Bank will support the Big Four agenda of the Government in the next five years,” Said Kaimenyi.
Speaking during a joint meeting with the National Land Commission at Ardhi House in Nairobi Kaimenyi added that creating land banks from the government requires prudent land administration and management measures.
He further said that institutions are legally mandated at county and national level to effectively manage an allocated public land.
“In the National Land Policy (Session paper 3 of 1999) land banking is a process by which the government will be able to hold known geo-referenced pieces of land for access by investors and government projects.
Land banking is expected to be a huge government project that will deliver land for investments.
Prof. Kaimenyi said he will involve the Cabinet to direct on policy and legal framework to guide the process of acquiring land considering that purchased land may have to be released to investors at attractive rates.
“The land bank will act as a one stop shop for various investors both local and foreign.” He said.
Land banks are quasi-governmental entities created by counties or municipalities to effectively manage and repurpose an inventory of underutilized, abandoned or foreclosed property.