KCB signs $452m mortgage deal with Southern Sudan

KCB Group’s mortgage subsidiary, S&L has signed a $452 million housing deal with the Government of Southern Sudan (GOSS) to finance construction of 1750 housing units for civil servants a statement has said. The minister for Housing, Physical Planning and Environment of the Government of Southern Sudan, Martin Ohuro Okerruk, broke the ground to signify commencement of the first phase of the project comprising 150 units. “Today, the KCB Group makes a big statement on its commitment to doing business in this country over the long term,” said KCB Group Chairman, Peter Muthoka. Muthoka said KCB was confident the peace in Southern Sudan will hold adding that the bank will continue to invest in network expansion, introduction of new products and employment of more Sudanese into the regional banking giant. “There is an increasing need for residential houses in many towns in Southern Sudan due to the growing population of public servants and employees of private and non-governmental organizations,” said the chairman. The first phase will be financed by KCB to the tune of USD40 million and is expected to be completed in 12 months. It will reflect high standards of architecture and provide a reference point for future housing development in the country. The houses will be designed to reflect the high, middle and lower classes among the South Sudan civil service. President Salva Kiir Mayardit is keen to see the project completed soon to symbolize the permanence of the peace in the country and encourage more investors to help develop infrastructure in the country. KCB has demonstrated capacity and commitment to supporting the development of the banking sector in eastern Africa and the governments involved are giving them the support they require to succeed. Speaking to Aretha Rwagasore, the marketing and public relation officer of KCB Rwanda, she noted that President Kiir said his Government will encourage its civil servants as well as ministries and departments to open accounts at KCB due to its solid base and modern banking facilities after KCB having opened a mega branch in Juba and promised 10 more outlets. She also noted that KCB operates in five countries; Kenya, Uganda, Tanzania, Rwanda and Southern Sudan. Last year it opened its first branch in the Tanzanian island of Zanzibar and is expected to open a subsidiary in Burundi this year. The KCB Group on Thursday last week also handed over a KShs16 million (USD220, 000) four-classroom primary school block it constructed through the KCB Foundation to the Government of Southern Sudan. The bank is also making arrangements to furnish the school with furniture and donate books. This support shows that KCB is aware of the critical need to give our children a bright future. Ends

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KCB signs $452m mortgage deal with Southern Sudan