Business
National Housing signs pact for affordable houses
Publish Date: Jul 21, 2014
National Housing signs pact for affordable houses
  • mail
  • img
newvision

By Raymond Baguma

National Housing and Construction Corporation (NH&CC) has signed a loan agreement with Shelter Afrique, to provide housing to the rising middle-income class in Kampala district.


The minister of lands, housing and urban development, Daudi Migereko witnessed the loan signing ceremony for project financing between the two companies.

Shelter Afrique is a Pan-African development financial institution established by the African Development Bank (AfDB), Africa-Reinsurance and African Governments including Uganda. NH&CC is the leading real estate developer in Uganda with 50 year of existence.

Shelter Africa has a mandate to mobilize resources for housing development in Africa. Over the years, the company has acquired substantial operational experience and established itself as a credible housing finance institution.

Migereko hailed Shelter Afrique for providing the loan facility. He said that the project financing agreement was a sign of government’s commitment to reduce the current housing backlog of 1.6 million housing units and deficit 160,000 units per annum.

The project to cost US$17 million will enable NH&CC construct 162 housing units in Namungoona which will be sold to the public. Shelter Afrique will contribute US$9 million.

The project will include infrastructure such as roads, commercial areas, schools and community facilities on 8.4 acres of land.

Migereko said the project would lead to the creation of well-planned neighborhoods, create employment that will enhance household incomes and reduce on poverty and widen the tax base.

He urged Shelter Afrique to invest in industries to manufacture construction materials such as glass, steel, and roofing materials to reduce on the cost of construction and increase on the quality construction materials in Uganda.

Present were Yekin Oyateru the acting managing director of Shelter Afrique; Agnes Kalibbala, the chairperson of NH&CC, and Felix Okoboi the chief executive officer of NH&CC.

Also, another housing project is planned to construct at least 4000 middle-income housing units by the ministry of lands, housing and urban development, Shelter Afrique, Uganda Land Owners association and local developers. The project will be implemented in Arua, Jinja, Lira, Mbarara, Mukono, Ntungamo, Kabale and Wakiso.

Currently, NH&CC has completed and sold out over 1,000 low cost condominium flats under the first phase of Namungoona Housing Estate. Other housing projects are in Naalya, Bugolobi, Lubowa, Mbarara and Luzira.

RELATED ARTICLES

1.6 million Housing units in Uganda uninhabitable

$20m approved for housing and construction in Africa

KCCA to construct 800,000 housing units

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
20 firms probed over money laundering
It is feared that up to sh56b could have laundered through the accounts at a city bank, United Bank of Africa (UBA), using stolen cards....
Transport fares rise as Christmas draws nearer
Tis the season once again and as is with festive period, public transport fares have risen around the country....
Inflation rises to 1.4%
Consumers paid sh1.4 more for manufactured goods in October compared to the same period in 2013 as the sector struggled to recover from the lag-effects of the 2011 economic challenges, amid volatilities in foreign exchange....
Kukustar: New vaccine against newcastle to empower farmers
It was the welcoming smiles. Not the long distance from Mbale town. Not the shrubby path to Mary Goretti Mboizi’s humble home in Bunamwera village, Kibuku district that struck me as I settled down to listen to her story....
Uganda is debt sustainable, says finance ministry
By March, China had lent Uganda over $336m (8% of the total debt) while India had lent over $50m (under 2%)....
Partnership seeks to boost television penetration
PCS and a regional pay television service provider enter a partnership expected to boost television penetration in areas without access to hydroelectricity....
Do you agree with the ban on the export of maids?
Yes
No
Can't Say
follow us
subscribe to our news letter