See also:
» 16.03.2010 - UK halts Kenya education aid
» 10.02.2010 - New TV series target Kenyan youth
» 26.01.2010 - US mission to address E/Africa human rights before AU Summit
» 21.01.2010 - 50,000 fruit farmers in Uganda and Kenya empowered to supply Coca-Cola
» 22.12.2009 - Kenya to counter Tanzania's Ivory sales proposal
» 10.12.2009 - Efforts intensify to fight malaria in Kenya and Nigeria
» 04.12.2009 - Inaugural 'Health Worker Leadership Award' honours Kenyan midwife
» 15.10.2009 - Kibaki appeals for unity ahead of global summit

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Kenya | Sudan
Economy - Development

Kenya's banks invest US$ 452m in South Sudan

afrol News, 2 June - Kenya Commercial Bank's mortgage subsidiary has signed a Shilling 35.3 billion (US$ 452 million) housing deal with the autonomous government of Southern Sudan to finance the construction of 1,750 housing units for civil servants in the country, a bank statement said.

"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.

Mr Muthoka said KCB was very confident the peace in Southern Sudan would hold, adding that the bank was to continue to invest in network expansion, introduction of new products and employment of more South 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 organisations," Mr Muthoka said in a statement.

The Minister for Housing, Physical Planning and Environment of the government of Southern Sudan, Martin Ohuro Okerruk, said construction of civil servants' accommodation was critical for the South Sudan government.

Mr Okerruk described KCB's investment as a demonstration of Kenya's support for the people of South Sudan over the years.

"Kenya is more than just a neighbour. They took care of us during the war, they fought for our people and now through KCB, they want to make sure our people live in peace and dignity," he said.

South Sudan has been torn apart by decades of war with the Khartoum government, with government houses being dilapidated due to lack of proper maintenance. After decades of civil war, rebels in the south signed a peace pact with Khartoum in 2005. The peace deal provides for an autonomous government in the South, with a later referendum over full independence.

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