By John Oyuke
Kenya Commercial Bank (KCB) has entered into a Sh38.4 billion ($452 million) housing deal with the Government of Southern Sudan.
The group’s mortgage subsidiary, S&L signed the deal to finance construction of 1,750 houses for civil servants.
Chairman Peter Muthoka said the action demonstrated the commitment of the bank to do business in the country over the long term.
He said the bank is confident peace in the region would hold.
The tripartite agreement was signed between KCB, the Government of Southern Sudan and the State of Central Equatoria.
Mr Muthoka signed on behalf of the bank, while technocrats from Southern Sudan and the State of Central Equatoria signed for their respective governments.
Breaks ground
The Housing, Physical Planning and Environment Minister of the Government of Southern Sudan, Mr Martin Ohuro Okerruk, later broke the ground f the first phase of the project comprising 150 units.
He said KCB’s investment was a demonstration of Kenya’s support for the people of Southern Sudan.
KCB would finance the first phase of the project to the tune of $40 million. The phase would be completed in 12 months.
