NAIROBI, KENYA: Jaramogi Oginga Odinga University of Science and Technology and Jamii Bora Bank have agreed on a Sh2 billion loan scheme to private investors for the construction of hostels for the university’s students.
Under the five-year project, the bank will advance loans to individual or group investors to put up hostels to take care of the growing demand for accommodation facilities at the university. Facilities to accommodate up to 20,000 students are being targeted under the project.
Speaking at the university during the signing of a Memorandum of Understanding to start off the project Wednesday, Jamii Bora Executive Director Timothy Kabiru said the first phase of the project will start immediately, with the first 3,000-bed capacity hostels expected to be ready in six months.
Mr Kabiru disclosed that the construction of the hostels will be done using affordable modern building technology to ensure the investors do not incur high expenses. “We want to ensure the investors incur minimum costs so that they are not burdened in terms of loan repayment,” said Kabiru.
Accommodation shortage
University Vice-Chancellor Prof Stephen Agong’ said the current student accommodation shortage was affecting the University’s expansion plans.
“Currently, the university can only accommodate 2,000 out of a population of 5,000. The rest have to make do with facilities outside the campus, some of which are not of the right quality,” said Agong’.
He assured local investors that the University has a ready market for accommodation, urging them to provide quality housing both for students and staff.
