Maravi

Stanbic Bank to provide building loans

Stanbic Bank to provide building loans
Written by Nchima Nchito Jr
Thursday, April 30, 2009 2:49:36 PM

STANBIC Bank managing director Joseph Chikolwa has said his bank
has decided to provide building loans in an effort to counter the challenges being faced in the provision of housing countrywide.

In a speech read for him by Stanbic Bank head of personal and business banking, Nelus Agenbach during the launch of the building loans in Lusaka on Tuesday, Chikolwa said the private-sector needed to take a centre-stage role in providing workable solutions to mitigate the current shortages of housing in the country.

“Over the past several years, the effect of the dramatic changes in the Zambian socio-political landscape, from a commandist economy where social amenities such as staff housing were provided by the government and parastatals, to one that is private-sector driven, has unfortunately resulted in a shortage of housing stock,” said Chikolwa. “I am pleased to report that we at Stanbic have been keenly been following these trends in the housing market and it is now apparent that the private-sector needs to take a more centre-stage role in providing workable solutions to mitigate against this emerging scenario. It is for this reason that we have now gone the route of providing building loans, albeit in a very controlled fashion for the time being.”

And Lusaka town clerk Timothy Hakuyu said the council was committed to ensuring that it supplies services and amenities required to make housing projects by the private sector a success.

Hakuyu said he was happy that the new product was being piloted in Lusaka because the city had a population growth rate that was twice the national average.

Stanbic Bank has launched the building loans programme where clients could obtain a loan from the bank to purchase housing units from the Tafika Housing Project.

Labels: CONSTRUCTION, STANBIC

posted by MrK @ 1:44 PM