Uganda to receive funds for housing
Jun 23, 2011
UGANDA is to access funding from Shelter Afrique, a construction company, at an interest rate of below 10% to improve its housing sector.
By Prossy Nandudu
UGANDA is to access funding from Shelter Afrique, a construction company, at an interest rate of below 10% to improve its housing sector.
This was disclosed by lands minister Daudi Migereko at the closure of a four-day meeting at the Kenyatta International Conference Centre in Nairobi, Kenya.
Shelter Afrique has been lending money for construction to African governments at an interest rate of 15%.
African leaders complained that the interest rate was too high and demanded that it be reduced to below 10%.
Shelter Afrique was established by African governments, the African Development Bank, Africa-Reinsurance and the Commonwealth Development Corporation.
It is aimed at mobilising resources for housing development in Africa.
“We need to get cheaper financing to provide affordable shelter for medium and low income earners, †Migereko said.
The conference noted that the cost of housing needed to be reduced by making mortgage financing affordable.
“Mortgage financing is expensive and risky. African Governments must make property financing affordable to low income earners,†Migereko said.
Uganda was elected member on the board of Shelter Afrique at the meeting organised by the Kenya housing ministry under the theme: ‘Mortgage Finance for Increased Access to Housing in Africa’.
The meeting was presided over by Kenya president Mwai Kibaki and attended by Kenya vice-president Kalonzo Musyoka and housing minister Soita Shitanda.
UGANDA is to access funding from Shelter Afrique, a construction company, at an interest rate of below 10% to improve its housing sector.
This was disclosed by lands minister Daudi Migereko at the closure of a four-day meeting at the Kenyatta International Conference Centre in Nairobi, Kenya.
Shelter Afrique has been lending money for construction to African governments at an interest rate of 15%.
African leaders complained that the interest rate was too high and demanded that it be reduced to below 10%.
Shelter Afrique was established by African governments, the African Development Bank, Africa-Reinsurance and the Commonwealth Development Corporation.
It is aimed at mobilising resources for housing development in Africa.
“We need to get cheaper financing to provide affordable shelter for medium and low income earners, †Migereko said.
The conference noted that the cost of housing needed to be reduced by making mortgage financing affordable.
“Mortgage financing is expensive and risky. African Governments must make property financing affordable to low income earners,†Migereko said.
Uganda was elected member on the board of Shelter Afrique at the meeting organised by the Kenya housing ministry under the theme: ‘Mortgage Finance for Increased Access to Housing in Africa’.
The meeting was presided over by Kenya president Mwai Kibaki and attended by Kenya vice-president Kalonzo Musyoka and housing minister Soita Shitanda.