CBA Group Sponsors Students Through The Palmhouse Foundation
Nairobi, February 2, 2015
CBA Group has partnered with Palmhouse foundation trust as a beneficiary to help transform lives of needy students.
Through the partnership, CBA Group will sponsor 4 students each throughout their 4 years in secondary school by paying for their tuition fees.
Palmhouse Foundation Trust began the philanthropic efforts under Founder Trustees informally, and over time, the Foundation has grown with 13 trustees and 12 members of Oversight and Advisory Board; to build a base of efficient and effective operating structures of the Foundation.
This is the fifth year in a row that CBA Group is donating funds to the foundation. “With today’s rapidly growing economies, we depend on the creation, acquisition, distribution, and use of knowledge to progress. This requires an educated and skilled population.”, said CBA, Managing Director-Africa, Isaac Awuondo.
“Education is perceived as one of the principal motivating factors behind national economic development and it is one of the most effective ways in which individuals hope to achieve better opportunities and a higher standard of living in Kenya” he added.
Palmhouse foundation have been sponsoring students since 2002 and have leveraged nearly Ksh.150 million to support needy, deserving students through high school and now has over 500 beneficiaries, over 230 have completed their secondary education and many are pursuing their post-secondary both locally and overseas while the rest are still in over 100 of Kenya’s National secondary schools.
Education is one of the most important investments a country can make in its people and is critical to reducing poverty and inequality according to Global Partnership for Education. Thus Palmhouse undertake the selection of needy students from all counties and provide sponsorship for the shortlisted students. With the annual sponsorship amounting to Ksh. 1 million.
Apart for CBA, Palmhouse Foundation Trust also receive donations from various corporates such as CFC Stanbic, Ecobank, I&M bank, Chase Bank, Vivo Energy, KCB foundation, PKF, Parapet just to mention a few.