The Archbishop of Uganda, Rt Rev Dr Stephen Kaziimba Mugalu has revealed that the Church of Uganda has finally settled the Shs60 billion loan it took from Equity Bank for the construction of the magnificent Janani Luwum Church House in Kampala.
The Church of Uganda (CoU) was on the verge of losing the 16-storey commercial building on Plot 34, Kampala Road, to Equity Bank over failure to fully pay off the debt, which was acquired nearly 14 years ago until Kaziimba delivered the good news on Monday, June 3rd.
“I want to announce here that the Church House is now fully owned by the Church of Uganda. Thank you Equity Bank for supporting us, ” Archbishop Kaziimba said in his speech during the Uganda Martyrs celebrations in Namugongo on the afternoon.
Equity Bank supported the Church of Uganda by providing a mortgage covering 70 per cent of the construction costs for Janani Luwum Church House, with the Church contributing the remaining 30 per cent. The Church borrowed USD 17 million from Equity Bank for the project, which became fully operational in 2015.
Archbishop Kaziimba presented a symbolic cheque to mark the completion of the credit repayment advanced by the bank for the construction and praised the strong relationship with Equity Bank. He encouraged Christians to embrace the bank’s products.
