Vaell regional managing director Paul Njeru. PHOTO | FILE
Vehicle and Equipment Leasing Ltd (Vaell) has signed a Sh960 million loan deal with the Eastern and Southern Trade and Development Bank commonly known as PTA Bank to support the its regional expansion.
Vaell said in a statement the funds would be spent on asset acquisition with a particular focus on East Africa’s mining sector.
“The funds will finance heavy Komatsu equipment that will be instrumental in spearheading the development in the mining sector within the East African region,” said Vaell regional managing director Paul Njeru.
PTA Bank’s head of legal Devalingum Gopalla said the partnership would boost the operations of the Kenyan leasing firm.
“This is the beginning of a long-term association with East Africa’s vehicle leasing market leader and we will seek to expand this partnership for the good of the region,” said Mr Gopalla.
“This strategic relationship will aid the tailored solution to cater for various business needs. We are very delighted to be part of an initiative that will help create employment for East African community residents.”
Vaell helps customers to acquire heavy equipment that is too expensive for both start-ups and growing companies.
The family-owned business established eight years ago in Nairobi has already expanded into Uganda, Tanzania, Rwanda and Zambia. It has a presence in 20 African countries through partnerships but has offices in the four East African countries.
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