IPEC partners IDBZ in housing projects

IPEC partners IDBZ in housing projects

- in News

THE Insurance and Pension Commission has partnered the Infrastructure Development Bank of Zimbabwe in developing low cost housing projects across the country.

These housing projects are supported by the insurance industry under the Insurance and Pension Housing Fund.

Life Insurance Companies have also joined in by setting aside more than $300 million for low cost housing schemes to broaden their investment portfolios.

“We have many low cost housing projects lined up in the country and we are working with IDBZ. We have a project in Kwekwe and another one called Mpumalanga housing project in Hwange.

These are low cost housing projects supported by the insurance industry under the Insurance and Pension Housing Fund.

“It is a moving target where we are saying 2,5 percent of the industry assets must be deployed towards the project,” said IPEC head of prudential supervision Pupurai Togarepi.

IDBZ has been at the forefront in terms of housing development. The bank is also developing high and medium density residential stands under New Marimba housing project.

IDBZ’s policy strategy seeks to support Government’s 2012 National Housing Development Programme target of providing 1,2 million serviced residential stands, by facilitating development ofabout 5 000 serviced stands annually from 2015 to 2018.

The draft policy outlines plans to acquire land for housing development and funding mechanisms for the delivery of affordable units. IDBZ has since invited stakeholder input on its proposal.

To deliver affordable housing, IDBZ will seek to acquire land and development permits, extend financial and technical resources to players in the sector, enter into partnership with public or private players and assist genuine housing co­operatives’ initiatives.

IDB has also engaged the Ministry of Higher and Tertiary Education, Science and Technology in working out modalities that will see the development finance institution developing accommodation facilities for university students across the country.

The huge infrastructural deficit at the country’s tertiary institutions has affected about 117 137 students who have no accommodation at the country’s 11 State universities. According to the 2016 National Budget statement, Midlands State University has been the hardest hit with 28 240 students in need of accommodation, followed by Great Zimbabwe University with 17 412 students in need of places to stay as they attend college.

Out of the 117 137 in need of accommodation, only 10 709 are said to be in hostels, which means about 107 000 students in the country are renting rooms outside college facilities.

About 21 360 additional houses or stands are required in order to house students and staff without accommodation.  – The Herald

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