- 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.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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