Public private partnership key to Kenya’s development

JKUAT Council chair, Dr. Ekuru Aukot has challenged private and public sectors to engage in constructive joint ventures aimed at wealth creation that he said would lead to the socio-economic empowerment of citizens in order to expedite livelihoods transformation and the realization `Vision 2030. He noted that financial institutions and universities occupied special position in the development landscape hence the need to proactively initiate joint development initiatives.

Mr. Samuel Makome (right) and Prof. Imbuga consolidates agreement about the two institutions. The event was witnessed by Council Members, standing from left, Ms. Bertha Dena, Dr. Aukot and Dr. Shikely

While lauding Kenya Commercial Bank (KCB) for accepting to finance the establishment of JKUAT’s Nairobi Industrial and Technology Park, Dr. Aukot challenged financial institutions to foster local projects financing instead of letting the country depend on foreign funding.

The Council chair who was speaking during the groundbreaking of KCB banking facility at JKUAT through the built-operate-transfer (BOT) model, further called on the bank to entrench value chain of its services among the students, staff and the neighbouring community as is the case in developed economies.

Dr. Aukot (centre) is assisted by Mr. Makome (left) to lay a foundation stone to commence construction of the banking facility

“We should be proactive in supporting local entrepreneurial ventures in order to empower our people from within instead of relying external funding,” noted Dr. Aukot, adding that the financial institutions could immensely benefit from qualified manpower produced by JKUAT.

Speaking at the same function, KCB Chief Business Officer, Samuel Makome underscored the fact that public private partnership was one of the feasible ways of unlocking the country’s potential.
Mr. Makome noted that through the Nairobi Industrial and Technology Park, JKUAT could emerge as the regional centre of excellence.

“We are ready and committed to finance the initiative since it is in line with KCB’s dream to unlock value and unleash potential of the citizenry,” said Makome adding that most of the developed economies modeled their progress around technology parks.

JKUAT vice chancellor, Prof. Mabel Imbuga thanked the bank for the partnership, noting that it has over the years offered the institution sound financial advice.

Dr. Aukot breaks ground to flag off the construction of the banking facility.

“KCB has walked with us the journey of asset financing where a number of projects have been successfully completed,” averred, Prof. Imbuga.

The two institutions are jointly building a Ksh. 38 million green architecture banking facility to be reverted to JKUAT after operating it for 15 years.

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