Above was highlighted by Lee Karuri, during the KDIF in December 2006 as one of the goals to be achieved by Kenya Private Sector Alliance of which he is the chairman.
As pointed out by bankele the idea still seems to be alive and at infancy stage.
Would be interesting to hear/read peoples views on the formulation of the above bill which is meant to make it possible for Kenyans in the diaspora to invest back home with ease.
Will be posting more details.
The diaspora site gives some details of the proposed act