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KCB Bank Finance Plan for Diaspora University Town House Developers
Dr. Wilson Endege and Rose Ndiritu, of Kenya University Project (KUP), had a meeting with the KCB Bank team of: Vincent Aberi, Head of Diaspora Banking; Gregory Siro, Manager of Gigiri branch; Jennifer Chege, Relationships Manager Diaspora Banking; and, Joshua Kirui, Relationship Manager Mortgages The main discussion was the KCB Bank finance plan for Diaspora KUP property developers.
The finance plan of KUP Town house/s is broken into two capitals: Property Developer capital about 5% and loan capital about 95%. The first finance the bank will offer is a 75% finance of the property developer capital. The second finance is the house mortgage or the 95% loan capital finance of the completed town house.
In 2009 the total bank loan advances, per CBK and World Bank report, were Kshs 721 billion. KCB Bank loan advances at the end of 2009 were Kshs 96 billion. By 2015 the KCB Bank loan advances had grown to Kshs 346 billion as total Kenya bank loan advances grew to Kshs 2.5 trillion.
KCB bank loan advances are projected to grow and reach Kshs 700 billion by 2021 as total Kenya bank loan advances grow to Kshs 5 trillion. The KCB Bank finance plan for KUP property developers will enable Diaspora access the loan advances to grow their wealth as they create jobs and develop housing for the young Kenyans becoming adults. The bank will be touring the Diaspora.
Dr. Endege who has kicked off a Biotechnology Company that will open a plant for medicine and vaccine production at the university town site says he is happy with the progress made. The Biotechnology plant, he is working on, is expected to create about 500 new jobs in next 5 years. Those employed will take up about 500 housing units.
“I’m happy with the progress made during the meeting,” said Rose. She added, “More important, I’m excited for the young Kenyans who shall benefit from jobs and education.” Rose left Kenya after high school for Diaspora and leaved in Diaspora close to 20 years. During her Diaspora stay, she would enroll at the WPI University and study courses that led her to work for EMC, a data storage company started in 1979 that employs over 70,000 persons and was last year sold to DELL for $67 billion.
Rose who is part of the Project Design-build team adds, “Diaspora can develop houses to make income. This is better than owning plots that are not making income.” Her advice to the Diaspora, “Become a property developer through KUP system.”