Sh10b plan for Kenyans in Diaspora to invest back home

Customers at a KCB banking hall. PHOTO | FILE  NATION MEDIA GROUP

In Summary

• The money will be available to members of the Sacco who have identified projects that they would like to implement in Kenya.

By CHRIS WAMALWA
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Atlanta, Georgia

Kenyans in the Diaspora can invest more money back home after the Kenya Commercial Bank announced a Sh10billion projects plan.

 

KCB managing director Samuel Makome said the money will be channelled through the Kenya USA Diaspora Savings and Credit Society (Diaspora Sacco).

The money will be available to members of the Sacco who have identified projects that they would like to implement in Kenya, he added.

He was speaking to members of the Sacco in Atlanta, Georgia over the weekend, where an MoU between the bank and the USA Diaspora Sacco was signed.

The agreement will last for a period of period of two to three years.

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“We encourage the Sacco members to apply for loans because with the signing of this memorandum of understanding between the USA Diaspora and KCB, the money will immediately be available for borrowing,” he said.

The MD urged Kenyans in the Diaspora to embrace the culture of saving and investing in long-term projects. “We must re-evaluate our investment methods and learn from other Diaspora communities."

Kenyans at the meeting welcomed the move saying it will encourage direct investment in the country.

“The signing of the MoU between the Diaspora Sacco and KCB is a milestone because there are many Kenyans living here in the US who have been waiting for such an opportunity to invest in Kenya,” said Mark Otieno, who lives in Baltimore, Maryland