Akright invests sh12b
May 07, 2006
AKRIGHT Projects Ltd, a real estate developer, has invested sh12b, which the Government can build on to provide proper housing, Godfrey Tumusiime, the East African Development Bank (EADB) chief, said on Saturday.
By Ricks Kayizzi
AKRIGHT Projects Ltd, a real estate developer, has invested sh12b, which the Government can build on to provide proper housing, Godfrey Tumusiime, the East African Development Bank (EADB) chief, said on Saturday.
He said Akright’s nine housing estates had created hundreds of jobs and led to appreciation of land value, impacting on economic growth.
“Every dollar invested in housing has a multiplier effect of $8 and many sectors end up benefiting,†Tumusiime said.
This was during Akright’s seventh anniversary celebrations at Kirinya Akright Estate.
Tumusiime handed over 10 houses built under the EADB Financial Housing Support Scheme.
He said in East Africa, the first country to prioritise housing finance, would make a breakthrough in development.
Tumusiime said governments should use mortgage as a form of forced savings.
Anatoli Kamugisha, Akright’s managing director, thanked EADB for the sh500m loan.
He said financial institutions had previously shunned housing finance calling it risky.
AKRIGHT Projects Ltd, a real estate developer, has invested sh12b, which the Government can build on to provide proper housing, Godfrey Tumusiime, the East African Development Bank (EADB) chief, said on Saturday.
He said Akright’s nine housing estates had created hundreds of jobs and led to appreciation of land value, impacting on economic growth.
“Every dollar invested in housing has a multiplier effect of $8 and many sectors end up benefiting,†Tumusiime said.
This was during Akright’s seventh anniversary celebrations at Kirinya Akright Estate.
Tumusiime handed over 10 houses built under the EADB Financial Housing Support Scheme.
He said in East Africa, the first country to prioritise housing finance, would make a breakthrough in development.
Tumusiime said governments should use mortgage as a form of forced savings.
Anatoli Kamugisha, Akright’s managing director, thanked EADB for the sh500m loan.
He said financial institutions had previously shunned housing finance calling it risky.