UGANDA, Kampala | Real Muloodi News | National Housing and Construction Company Limited (NHCC), Stanbic Properties Limited, and Stanbic Bank Uganda recently entered a three-way partnership to develop affordable housing for Ugandans.
The terms of the partnership state National Housing will provide land to develop affordable modern houses. At the same time, Stanbic Properties will be responsible for direct sales and marketing. Stanbic Bank will play the role of a financing partner.
Stanbic Bank and Stanbic Properties are Stanbic Uganda Holdings Limited (SUHL) subsidiaries under the Standard Bank Group, Africa’s largest commercial bank.
According to the partnership, they will develop at least 1,400 tailor-made homes targeting Stanbic Bank employees. Later on, they will extend offers to the public and other corporations at large.
Spencer Sabiiti, the Chief Executive of Stanbic Properties Uganda Limited, said, “our mission is to get all actors in the property space to collaborate to ultimately increase the supply of authentically affordable housing but also ease access to affordable long-term finance; this partnership starts us off in the right direction as we have both a developer and financier, both leaders in their respective spaces.”
Engineer Kenneth Kaijuka, the Chief Executive Officer of National Housing and Construction Company Limited (NHCC), commented that inadequate funding for housing development projects and insufficient and untimely project off-taking framework hindered the delivery of NHCC’s mandate.
“Informed by the great strengths and our respective mandates each party represents, we have agreed to join hands under this tripartite framework to champion mutually beneficial collaborative initiatives that will address the above underlying challenges ultimately increasing housing stock, market the existing NHCC stock, customise housing products for Bank staff and other clients, under tailor-made schemes,” he said.
Anne Juuko, the Stanbic Bank Uganda Chief Executive, remarked that the bank, which is Uganda’s most prominent commercial lender, agrees with experts that, ‘while housing is well articulated in Target 11 of the Sustainable Development Goals (SDGs), it is a key component of sustainable development across all the goals.’
“We agree with the view that good housing drives access to basic services, contributes towards inclusive growth, and supports the development of a sustainable future, with a direct impact on the factors that contribute or mediate the effects of climate change; through this partnership, Stanbic Bank hopes to play its role towards the desired goal,” said Juuko.
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