- August 3, 2017
- Posted by: Jim
- Category: News
Following our various updates on the building construction and especially the last one, issued on 1 August 2017, a couple of people have got back to us asking for clarification about the specific need we are asking you all to respond to. We apologize about our imprecision in our communication.
Let me take the opportunity to provide you with further clarification, in response to those who asked but also to you all, in case there are others who are not clear about what we need as AEA.
We had received a letter of offer from a reputable bank in Kenya. They however set pre-conditions that make it difficult to draw funds into the project. These include up front lump sum payments of up to $1 million US dollars. Other financial institutions also require a minimum upfront deposit of $300,000 to cover interest payments
We have a budget shortfall of about Kenya Shillings 200,000,000 ($ 2,000,000), to finish the construction. The longer the construction stalls, the more expensive it is, as the contractor charges interest on outstanding payment for work done and certified. Any delays in the construction period, because of our inability to honour the contractor’s payment, attracts further charge for time lost.
So, we are desperate to shorten the delays, and push to have project completed as soon as possible. Thus, our appeal and you can participate in this undertaking in the following ways:
- Make a donation towards the construction as you are able and the Lord lays on your heart. We are asking all within our network; including but not limited to national Alliances, churches, individuals and our global partners etc.
- We are also looking at possibilities of borrowing at low interest rates from commercial houses or other institutions (locally or internationally) with favourable payment terms based on projected cash flows.
Remember, this is an investment undertaking with a goal of establishing a sustainable income base for at least, the basic or core operations of AEA and providing a more conducive working environment and resources for more effectiveness in the work of the organization.
Please do not hesitate to get back to us if you need further information or clarification. You could also visit our website for more information on this project and work of AEA at www.aeafrica.org
This is how you can give towards this project:
CFC STANBIC BANK LTD
P.O. BOX 30550-00100
ASSOCIATION OF EVANGELICALS IN AFRICA
SWIFT CODE: SBICKENX
MPESA TILL NUMBER: 889886 (Applicable to Residents of Kenya only)
For those who would want to do this through tax-exempt accounts, this is possible through The World Evangelical Alliance- Please let us know if you need more information.