Tergat reaches out to government over Nock mega project
The National Olympic Committee of Kenya (Nock) has sought assistance from the government for the body’s new headquarters under construction.
In a statement sent to newsrooms, Nock president Paul Tergat said the building in question is a project they inherited from the previous regime in which it had already stalled for three years as they took over.
The said project located in Upper Hill is set to host Olympics Museum, offices for all Olympics federations while some floors will be set aside for different arms of the Ministry of Sports, whose offices are currently spread in various privately owned buildings in the city.
“Among the biggest challenge we inherited is the Nock Plaza whose construction started in 2012 but later stalled. From the onset, Nock was aware that it did not have funds for financing construction of the building without resulting to innovative ways of raising funds. Sidian Bank would however support Nock with a loan of Ksh. 800m towards construction of the building,” said Tergat.
With only 15 months since taking over the reins, Tergat’s underscores that they inherited huge debts that has had huge impact in the project.
“Unfortunately Nock could not raise it’s part of the loan of Ksh. 400m and thus when we took over the office debt to the banks had accumulated and debts to other parties amongst them the contractors had escalated,” noted Tergat.
The legendary athlete adds that they have done everything within their means to rescue the building but all turned in vain.
“We have tried everything to rescue this project. We have approached several banks to take up the loan and several other organizations which funds projects but unfortunately we have not been successful,” said Tergat.
With reports indicating that the bank is mulling to auction the project next month, the Olympic body is requesting the government to come to their aid and bail them out.
“We have reached a point where only our government can rescue this project since it has the financial source and ability. As part of its agenda to support infrastructure we feel that this is a project in the forefront as it affords sports fraternity that opportunity of having strong administrative structures.
We appeal to government to support and fund not only the debt we currently owe but to further finance the project to its completion,” appealed Tergat.