ADDIS ABABA – Addis Ababa City Administration and South African Property 2000 Company have signed a Memorandum of Understanding (MoU) to develop and build 1 000, 000 housing units to address housing problems in the coming five years. At the signing ceremony, Addis Ababa City Deputy Mayor Adanech Abebe said that the city administration is working on addressing residents’ housing problem through various alternatives including Public Private Partnership. In the first phase, the company would build 100,000 houses within a year.
According to the Mayor, the imbalance of house supply and demand of the residents is challenging. To fill this gap, the administration has planned to develop or construct about one million houses in the coming five years by implementing various alternatives to transfer for low and middle income residents. Property 2000 General Manager, Nappo Eddie Modise on his part said that the company has allocated 4.2 billion USD for construction costs. And the city administration would provide a plot of land for housing projects.
Introduction of this kind of program is hopeful for over 650,000 citizens who registered in various modalities previously and are waiting to have own house . during the first round, the company would commence the construction of 100, 000 housing units, which will be completed within a year. The interest rate of the housing is one percent and it has 30 years of credit payment period , it was learnt .
BY TSEGAYE TILAHUN
The Ethiopian Herald June 3/2021