News / National
Mnangagwa hails NSSA building society
18 May 2016 at 16:31hrs | Views
Vice President Emmerson Mnangagwa has hailed the launch of the National Building Society (NBS) as an initiative that will ease housing shortages.
The housing backlog has ballooned to 1.25 million in recent years.
Government setting a target to build 300 000 housing units by 2018 to ease the housing backlog.
Speaking at the launch of the NBS in Harare this Wednesday Mnangagwa said efforts to accelerate the provision of the much needed housing have been hampered by insufficient national budget allocations.
For a very long time Zimbabweans from all social strata, incomes and backgrounds have been yearning to own homes in urban areas.
The coming of the NBS has ignited hope of owning homes by those who are left out of the traditional mortgages schemes that only accommodate those with high incomes.
"NBS will include the marginalised and buttress and boost financial sector confidence," said Cde Mnangagwa.
Local Government, Public Works and National Housing Minister Saviour Kasukuwere expressed his readiness to partner with the building society saying land will be readily made available for the provision of houses to the nation to fulfil the housing targets under ZIM ASSET.
Public Service, Labour and Social Welfare Minister Prisca Mupfumira explained that the national bank is created out of the National Pension Scheme which has 60 percent shareholding and the workers compensation insurance fund with 40 percent.
Both funds are administered by the National Social Security Authority (NSSA) which acts as the shareholder representative and the ultimate owners of the NBS.
The Managing Director of the bank Mr Ken Chitando, the board chairman Mr Gamaliel Bwanya and the Deputy Governor of the Reserve Bank Dr Charity Dhliwayo also addressed the guests.
President of the senate Edna Madzongwe, cabinet ministers, legislators representatives of the banking and legal fraternities and business sectors were also in attendance.
The housing backlog has ballooned to 1.25 million in recent years.
Government setting a target to build 300 000 housing units by 2018 to ease the housing backlog.
Speaking at the launch of the NBS in Harare this Wednesday Mnangagwa said efforts to accelerate the provision of the much needed housing have been hampered by insufficient national budget allocations.
For a very long time Zimbabweans from all social strata, incomes and backgrounds have been yearning to own homes in urban areas.
The coming of the NBS has ignited hope of owning homes by those who are left out of the traditional mortgages schemes that only accommodate those with high incomes.
"NBS will include the marginalised and buttress and boost financial sector confidence," said Cde Mnangagwa.
Local Government, Public Works and National Housing Minister Saviour Kasukuwere expressed his readiness to partner with the building society saying land will be readily made available for the provision of houses to the nation to fulfil the housing targets under ZIM ASSET.
Public Service, Labour and Social Welfare Minister Prisca Mupfumira explained that the national bank is created out of the National Pension Scheme which has 60 percent shareholding and the workers compensation insurance fund with 40 percent.
Both funds are administered by the National Social Security Authority (NSSA) which acts as the shareholder representative and the ultimate owners of the NBS.
The Managing Director of the bank Mr Ken Chitando, the board chairman Mr Gamaliel Bwanya and the Deputy Governor of the Reserve Bank Dr Charity Dhliwayo also addressed the guests.
President of the senate Edna Madzongwe, cabinet ministers, legislators representatives of the banking and legal fraternities and business sectors were also in attendance.
Source - zbc
