Equity Bank, Tatu City in pact to expand financing solutions

Oct 3, 2023 - 17:30

Stakeholders of rendezvous and equity bank during a recent event.

Kiambu,

Tuesday, October 3, 2023

KNA by Cedric Karungaru

Tatu City, the mixed-use Special Economic Zone on Nairobi’s doorstep, has teamed up with Equity Bank to offer financing solutions for property purchase and construction within Tatu City.

Equity Bank will offer a comprehensive range of investment services geared towards meeting the diverse needs of individuals and businesses in Tatu City. These financial products will encompass land purchases, construction loans for houses and companies on acquired plots, and mortgages for existing properties within Tatu City.

Commenting on the partnership, Stephen Jennings, Founder and CEO of Rendeavour, the owner and developer of Tatu City said that the partnership with Equity Bank will facilitate accessible and flexible financing options to cushion homeowners and small and medium enterprises.

“We have laid down the infrastructure and supporting amenities and are already welcoming thousands of residents. Our goal is to make it even easier to move in and settle at Tatu City," he said.

Equity Bank’s Commercial Director Humphrey Muturi said, that the partnership is strategic and necessitates a continuous drive to improve socio-economic conditions in Africa.

"By providing tailored financial solutions, we are looking at empowering individuals, businesses, and communities to harness the immense opportunities presented in Tatu City," he said.

More than 9,000 people currently work at more than 75 businesses in Tatu City, including Dormans, Copia, Cooper K-Brands, Grit Real Estate Income Group, Twiga Foods, Freight Forwarders Solutions, Friendship Group, Davis & Shirtliff, Kenya Wine Agencies Limited and Roast by Carnivore.

Crawford International School and Nova Pioneer educate more than 3,500 students daily, and more than 4,000 people live in Unity Homes apartments and the Kijani Ridge premier neighborhood.

Business benefits at Tatu City SEZ include VAT zero-rating, import and stamp duty exemptions, and 10 percent corporate tax for the first 10 years and 15 percent for 10 years thereafter.

Courtesy; KNA