Zambia to build 15,000 houses in 1 billion Euro project

Sat, 17 Dec 2016 10:57:40 +0000

ZAMBIA is set to tackle its housing shortage with the start of a project early next year to build 15,000 houses at an estimated cost of 1 billion Euros (US$1.04 billion), Housing and Infrastructure Development Minister Ronald Chitotela has announced..

Mr Chitotela said Zambia’s State-run National Housing Authority (NHA) has signed a deal for the project with Magcor International Inc.

“The Magcor project is one of the many infrastructure projects due to start next year and we expect that it will ease our housing deficit,” Mr Chitotela told Reuters news agency.

Magcor signed a memorandum of understanding (MoU) and had already signed a joint venture agreement with the NHA, Magcor CEO Michael Glynn said.

Mr Glynn said his firm had guaranteed financing to build the houses in partnership with the NHA and U.S. project management and construction company Volkert Global.

He said the partnership would build the 15,000 houses over five years.

“Magcor will design, build and deliver these projects to the leasing company NHA and related public and private sectors with both equity and debt financing,” he said.

Zambia, like many other African countries, has a housing deficit affecting 1.5 million people, a third of whom are in towns and cities, he said.