The partnership seeks to enable the college to enhance accommodation to support future intakes.
The Murang’a county government will provide an approved plan for use in the construction of the hostels, waive all fees associated with the approval and construction of the facilities and create a conducive legal and business environment.
Mid-tier bank Jamii Bora Limited has signed a Sh1 billion agreement with Murang’a County government to build hostels at Murang’a University College.
The institute has 1,400 students but can only accommodate 400 of them.
Officials at the college, which expects to be awarded full university status in the near future, said it requires accommodation facilities for up to 5,000 students by end of the year. The partnership seeks to enable the college to enhance accommodation to support future intakes.
The agreement was signed by Murang’a Governor Mwangi wa Iria and Jamii Bora bank chief executive officer Sam Kimani.
Shortage of accommodation
“We have a huge shortage of accommodation at the college which hampers its capacity to grow and cater for more students,” said Mr Iria during the signing ceremony at Jamii Bora in Nairobi Tuesday.
“We will offer finance to this project of up to 90 per cent of the requirements with a grace period of up to 18 months at the prevailing mortgage rates, currently 18 per cent, on a reducing balance,” said Mr Kimani.
The Murang’a county government will provide an approved plan for use in the construction of the hostels, waive all fees associated with the approval and construction of the facilities and create a conducive legal and business environment.
The college will also be obligated to collect rent from hostels.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
