Kenya Commercial Bank (KCB) has set aside some Ksh 250 million earmarked for lending to schools as unsecured loans ahead of reopening.
The money is meant to boost ongoing preparatory efforts by academic institutions raring to reopen and would need financing to get their affairs back in order.
Speaking when he announced KCB Bank’s new Learning Institutions Proposition, KCB Group CEO Joshua Oigara said the bank had designed a range of tailor-made solutions to ease school reopening pressures.
Oigara further disclosed that the bank is currently working with over 23,000 learning centres to deliver a seamless experience in education financing.
He also said the bank has introduced a new solution for financing infrastructure development, specifically targeting to meet the key compliance directives issued by the government in regards to COVID-19 back to school preparedness.
Kenyan learning institutions can now access the loan facilities regardless of whether they’re private or public.
“Specifically, we are offering secured and unsecured loans and overdrafts with flexible terms to schools for initiatives such as infrastructure development,” Oigara said.
Conscious of the reopening challenges facing both public and private schools, KCB Bank Kenya, Oigara said is extending 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
While welcoming KCB’s support, Prof Magoha 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,”.
The solution will also enable schools to provide personal protective equipment to staff and students who do not have access to the same. Schools, especially boarding schools will be required to fumigate their premises every so often. The bank has committed to financing this type of need.
KCB says it will continue financing hardware, software, and training costs to ensure that the schools can carry on with the virtual learning classes even as they plan to reopen.
The bank will also continue providing unsecured loans and overdrafts for salaries and short-term expenses for the schools.
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