The Kenya Bankers Association Kisii County chairman, John Momanyi has lamented that banks and the business community in Kisii County are counting losses as school projects they have financed go up in smoke following increasing cases of fire tragedies in schools.
Momanyi said that majority of the razed down school properties and projects were those financed by commercial banks to improve infrastructural learning facilities in schools.
Speaking on Tuesday afternoon during the launch of Kisii County Education Bursary Fund at Gusii Stadium by Kisii Governor James Ongwae, the bankers’ association boss called for urgent arrest of incidents of fire tragedies reported in schools across the country to assure bankers of their investments in learning institutions.
"Banks are not only affected by increasing cases of fire tragedies reported in schools but also facing heavy risks in recovering funds they have injected to the affected schools projects through asset financing to improve education standards and performance in the country," stated Momanyi.
Momanyi lamented that having school property and assets financed by banks spells doom to not only to the banks but also to the country's economy through lose of heavy capital investments meant to improve the country's human resources.