Vehicle assembler Isuzu East Africa yesterday delivered 45 Isuzu 33-seater buses worth Sh238 million to Metro Trans PSV Sacco in a leasing deal with Co-operative Bank.
This is part of 100 Isuzu buses availed to the PSV sector three months ago in an asset financing deal with Co-op Bank.
The buses, which retail at Sh5.3 million per unit, are the largest fleet delivery the auto firm has managed to put together for the PSV sector in one deal.
The lease agreement is expected to support growth and the return to business for PSV operators who had been severely affected by the recent Covid-19 lockdown and travel restrictions.
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Speaking at the hand-over ceremony, Isuzu East Africa Managing Director Rita Kavashe said the initiative has been prompted by the need to support economic recovery measures.
“Public transportation is among the sectors hardest hit by the pandemic. We have through Central Farmers Garage, already manufactured 25 vehicles under this leasing deal from Co-operative Bank,” she said.
“This is yet another example of how the Buy Kenya, Build Kenya initiative can support our economy.”
Edward Mutuaruhiu, head of Sacco banking at Co-operative Bank, said the lease arrangement has given PSV customers an opportunity to grow their business and create jobs. “This is a cost-effective way for PSV Saccos to gain access to new vehicles,” he noted
Metro Trans PSV Sacco Chairman Oscar Rosana said the buses will boost the Sacco’s growth plans.