To aid rapid school re-opening, KCB Bank Kenya has announced a wide variety of financial support solutions including loans of up to Sh250 million among other products.
The commercial commitment is expected to help boost the ongoing preparatory efforts by both private and public academic institutions to reopen the facilities earlier closed due to the Covid-19 pandemic.
KCB Group CEO Joshua Oigara said the bank had come up with a range of tailor-made solutions to help cushion Kenyans from school reopening pressures while announcing KCB Bank Kenya’s new Learning Institutions Proposition.
The bank is now offering both public and private schools loan facilities to support and meet the reopening guidelines set by the Ministry of Education and Ministry of Health.
“Specifically, we are offering secured and unsecured loans and overdrafts with flexible terms to schools for initiatives such as infrastructure development,” Oigara said at a function graced by Education Cabinet Secretary Prof George Magoha.
KCB will also extend asset-based finance scheme loans to cater for water tanks, hand washing points, gloves, masks, fumigation services, desks, chairs and all hygiene and sanitization needs, required for back to school activities.
“For both institutional and staff needs, we will finance IT equipment, generators, solar installation, new and used personal vehicles and insurance premium finance,” he said. “The education sector is a key driver to the country’s economic agenda and the Bank is committed to playing a catalytic role in supporting them through this phase. We have worked out an all-inclusive proposition which gives the learning institutions end to end support to achieve the guidelines set for reopening.”
Further, for academic institutions, the bank has restructured facilities worth over Sh1Billion due to the reduced cash flows resulting from the closure of schools. “Additionally, we have also offered repayment holidays during the period of school closure. This is to give learning institutions some relief as they get their finances and cashflows back in
order. We pledge to continue walking this journey with our learning institutions, and we see this proposition as our support in this regard,” Oigara said.
“We are looking at partnerships to ensure that we get the institutions ready to effectively offer learning services to all learners while at the same time guaranteeing the safety and well-being of the stakeholders in the education ecosystem. We are glad to see the Bank offering both financial and non-financial support towards this.” Prof Magoha said while welcoming the support.
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