Home ECONOMY KCB, NCBA boost coronavirus kitty with Sh250m

KCB, NCBA boost coronavirus kitty with Sh250m

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KCB, NCBA boost coronavirus kitty with Sh250m

KCB Group CEO Joshua Oigara and NCBA Group MD
KCB Group CEO Joshua Oigara and NCBA Group MD John Gachora (right). FILE PHOTOS | NMG 

KCB Group #ticker:KCB and NCBA bank #ticker:NCBA have contributed Sh250 million towards emergency interventions to cushion Kenyans from the impact of coronavirus, deepening the lenders’ input in the emergency kitty.

The funds will be channeled through the Covid-19 Emergency Response Fund that was recently formed by President Uhuru Kenyatta.

KCB contributed Sh150 million, while NCBA has given Sh100 million. This, when added to Co-operative Bank’s Sh100 million rises the total contribution from tier I banks to Sh350 million.

Ecobank and UBA Kenya have also contributed Sh10 million and Sh15 million respectively.

“We stand with the nation to help limit the spread of the virus and ease the related economic hardships faced by the communities in which we operate in,” said KCB chief executive Joshua Oigara.

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NCBA said its contribution will give humanitarian support to the vulnerable members of the Kenyan society at a time the virus has disrupted economic activities.

“We acknowledge that we have a central role to play in supporting individuals, businesses and the economy during this crisis and facilitating a rapid and sustained recovery,” said managing director John Gachora.

President Kenyatta on Thursday said the kitty has close to Sh1 billion as corporates, individuals, multinationals and development partners make their contributions in cash and in kind.

Safaricom has committed Sh200 million, the National Business Compact Coalition Kenya gave Sh70 million, Devki Group gave Sh20 million cash and oxygen valued at Sh100 million, while the United States government has pledged Sh106 million, among other entities.

Salary cuts made by President Uhuru Kenyatta, his deputy William Ruto and other officials in the Executive, Judiciary, Legislature and county governments as well as exchequer contributions will also go to this fund.

Kenya had confirmed 246 Covid-19 cases by Friday mid-morning after 12 more people tested positive. The virus has claimed 11 lives in the country, while 53 others have recovered.

President Uhuru has called on the Jane Kuruku-chaired fund to respond to Kenyans needs without delays and frustrations.

“This fund should be responsive, should not be encumbered by bureaucracy and must be open to innovation and technology in the delivery of assistance to our people,” said the President on Thursday.

The Covid-19 disease, which was first reported in Wuhan, China in December, has killed at least 147,027 people worldwide with at least 2,190,303 infections.

Some 553,672 people have recovered globally, according to Worldometer’s count on Friday.

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