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UoN Gets Ksh3.8 Billion Loan From French Firm

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UoN Gets Ksh3.8 Billion Loan From French Firm

UoN Gets Ksh3.8 Billion Loan From French Firm
The University of Nairobi (UoN) has received a Ksh3.8 billion loan from a French company to help with infrastructure expansion.
This follows the government’s approval of the Agence Francaise De Development loan. In 2021, the company and the Treasury reached an agreement on credit terms and conditions.
The loan, according to a statement released by UoN in November 2021, will assist the institution in dealing with the financial challenges it has faced in recent years.
Around Ksh4 billion will be used to fund the detailed design, construction, and seed equipment of an Engineering and Science Complex (ESC) at the University of Nairobi.
“An adequate and ambitious environmental certification will be sought for the building,” UoN stated. 
The new complex is expected to increase student capacity by up to 20%, improve the faculty-student ratio, and reduce drop-out rates.
As part of the agreement, the University will collaborate on curriculum development and capacity building with top French science and engineering universities.
An additional grant of about Ksh645 million will aid in the creation and launch of the new ESC by assisting the architects’ teams in monitoring construction activities and the pedagogical teams in reviewing curricula and pedagogy.
According to Treasury documents presented in Parliament, the loan will have an annual interest rate of 0.25 per cent. However, the institution will have a seven-year grace period to repay the loan.
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“The interest rate of the loan is 0.25 per cent per annum and a margin of 1.06 per cent and the commitment charge rate is 0.5 per cent per annum,” an excerpt of the documents read. 
According to financial reports released in November 2021, UoN and Kenyatta University were facing a combined deficit of Ksh4.3 billion.

A file image of the National Treasury. UoN Gets Ksh3.8 Billion Loan From French Firm

The National Treasury offices at Harambee Avenue, Nairobi
UoN Gets Ksh3.8 Billion Loan From French Firm

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