ICON Properties Plc has joined NICO Group in supporting government’s efforts of improving school structures to reduce congestion in schools, as both, a Covid -19 measure as well as a classroom accommodation addition move.
ICON Properties has made a financial contribution towards construction of new school blocks at Mbayani Primary School in Blantyre. The school was first earmarked as needing support of additional school blocks by NICO Group, which pledged MK140 million towards this cause.
At the time, the cost for putting up a double-storey block holding four classrooms was MK100 million. Due to devaluation, the costs increased to MK 190 million and there was need to source more funds to build the school block. NICO Group added another MK40 million to the pledge and ICON Properties came in to fill the gap with the MK50 million donation.
Explaining why ICON Properties made this donation, ICON Properties and Eris Properties Chief Executive Officer , Ellen Chapinduka-Nyasulu, said she believes that the donation is within its values of being a responsible and responsive corporate citizen especially in areas that require accommodation solutions be it commercial or social as the case is in this scenario.
“The funds will be deployed towards closing the gap that our mother company, NICO Group, identified in building additional school blocks for Mbayani Primary School, and we have joined efforts to ensure the project kicks off as planned. ,” Nyasulu explained.
Nyasulu further added, “ Mbayani Primary School is the most congested school in Malawi, with over 7,400 pupils. Currently the school operates in shifts to accommodate all pupils, and we felt it necessary to give our children a better learning environment”.
ICON Properties Plc is a listed property investment company incorporated as part of a restructuring exercise by shareholders of various property holding companies.
The groundbreaking ceremony will jointly be held by NICO Group and ICON Properties early next year.