The Central Bank of Kenya (CBK) chairman has disclosed the thinking behind the newly launched Pension Tower at the heart of the city.
The CBK Pension Tower is located along Harambee Avenue in Nairobi and was designed by Kenyan architects under Arprim Consultants.
The skyscraper is made up of two shiny sky blue glass towers facing opposite directions and is fitted with solar panels to supply its own clean energy during the day.
During the launch of the new business premises, President Uhuru Kenyatta showered with praise for the design of the eye-catching building.
“This building is the coolest and most modern building in the CBD and Nairobi today. I am happy to tell you that Kenyans are creative and can design such an iconic building which has even been featured in China as one of the most ultra-modern buildings in Africa,” President Uhuru said.
In his address, CBK Chairman Prof. Dominic Mwenja said the design of the building was meant to symbolize retired and senior citizens and how they benefit from the country’s pension structures.
The building has two towers leaning in the opposite direction.
Mwenja says the towers represent two retired individuals facing opposite directions with the Pension Towers, Pension Fund and the CBK in between as the anchor and support of the retirees.
“This is a testament to how we view our retirees. Our retirees give us the best years of their lives, it is incumbent upon us also to make sure that they are comfortable in their golden years,” he said.
The construction of the new building, according to President Uhuru, was done by local experts.
“I would like to commend the CBK Pension Fund for tapping from local human capital, noting that the professionals that were entrusted to put the towers together as architects, quantity surveyors and engineers were all young Kenyans,” he stated.
The president also disclosed that Kenya’s pension assets grew from Sh40 billion to Sh1.4 trillion in the last two decades.
President Uhuru Kenyatta attributed the growth to the enactment of the Retirement Benefits Act and the establishment of the Retirement Benefits Authority.
The Retirement Benefits Act was enacted in 1997 three years before the Retirement Benefits Authority was established.
Uhuru has assured the pension sector of continued government support as he also commended the financial management during the construction of the Pension Towers.
“This remarkable growth was supported by a favourable regulatory environment and the consequent good governance of the pension funds,” the President said.
“What is also admirable about the construction of this building is that it was fully financed from internal resources of the Pension Fund, with no contribution from the Central Bank of Kenya (CBK),” he added.
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