Speaking during the signing ceremony held at the Athi River offices, Mrs. Caroline Kariuki, the S&L Mortgages Divisional Director said the bank would finance and issue guarantees for the bulk purchase of cement for members of the S&L Developers Club.
“Blue Triangle Cement will now be on offer at discounted prices dependent on the bulk purchase of the commodity. The Memorandum of Understanding therefore provides a framework for partnership between KCB and EAPCC allowing for the sale and promotion of the EAPCC products to the Developers Club and its members”, she said.
The move comes just days after the KCB Group signed an agreement with the National Housing Corporation that will facilitate the construction of over 700 housing units in Nairobi. As part of its strategy KCB plans to embrace more partnerships to bridge the housing demand and supply gap.
Through S&L Mortgages, the developers will be able to borrow and pay for their stocks to the Company by guarantee from KCB, subject to a facility agreement entered into between the Bank and the respective member of the Club.
The agreement also offers both KCB and EAPCC an opportunity to participate in joint sponsorship engagements from time to time as the bank expands its mortgages portfolio both locally and in the region.
In October members of the developers club will be heading to China in their third exposure trip aimed at introducing them to modern building technologies. They will visit sites and meet Chinese contractors to establish relationships.
“At KCB we are keen to address the increasing demand for low cost housing. We have and shall Kariuki.
With the merger in January, S&L Mortgages has since been able to leverage on the wider KCB network to provide mortgage services in Kenyan and the markets in which it operates.
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