(DAILY MAIL ZM) ‘Provide favourable financial terms for Zambians’

‘Provide favourable financial terms for Zambians’
October 26, 2012 | Filed under: Business | Posted by: web editor
By TRYNESS MBALE

GOVERNMENT has called on the banking sector to provide favourable financial terms that can support Zambians seeking to invest in housing.

Vice president Guy Scott says there is need for banks in Zambia to provide long term financing to Zambians to empower them invest in housing.

In a statement, issued by KPR consulting on behalf of Pam Golding properties Zambia and Habitat for Humanity Zambia, Dr Scott said the financial sector needs to address the challenges that Zambians face in accessing finance for home ownership.

“The current financing framework in Zambia is not favourable, hence most citizens have challenges in borrowing money to invest in housing. Zambians are spending their salaries to pay rentals,” he said.

Dr Scott said that despite reforms within the banking sector aimed at easing access to finance, Zambians are still faced with the challenge of accommodation due unfavourable terms within the banking sector.
And Pam Golding Properties managing director Inutu Zaloumis said there is need to address Zambia’s housing deficit.

Ms Zaloumis said the country’s rapid urban population growth may result in overcrowding and social instability in communities.

She said there is need to scale up the existing housing stock and provide affordable housing to address the housing deficit the country is facing.

“Zambia’s growing population faces an enormous challenge that if not dealt with quickly, will adversely affect the livelihoods of communities countrywide. With the country’s population growing at an average of 2.8 percent per year, access to housing for citizens pose the challenge of overcrowding and social instability,” she said.

She said the biggest challenge to Zambia’s rapid urban population growth is the housing supply that is not meeting the current demand.

Meanwhile, over K90 million was raised during the Habitat for Humanity fundraising dinner which was held recently with proceeds targeted towards delivering housing services for 120 families and 100 new units for the vulnerable in society over a period of one year.

Habitat for Humanity Zambia National Director, Joseph Munsanje said his organisation is excited to partner with Pam Golding Properties to contribute towards the construction of 200,000 housing shortfall required in Zambia annually.