In a last ditch effort to reduce acute housing problems in the country, the Malawi Housing Corporation has partnered with a Chinese company to construct semi-urban houses in Lilongwe, the capital of Malawi, and other major cities.
Minister of lands and Urban Development Mr. Henry Phoya told journalists when he hosted officials from the two companies that the initiative will help ease housing problems in the aftermath of a high urbanization rate in Malawi.
However, specific conditions attached to the agreement with Henan Gouji Industrial Development Limited and the cost for the one year project are have not been made public.
Funding for the project is expected to come from a Chinese commercial bank identified by the Henan Gouji Industrial Development Limited and the housing units will be sold out after completion, according to Mr Phoya.
“A housing scheme has been provided where people will be able to borrow money from a financial institution that will be set up at a very affordable interest rate and use that money to purchase these housing units,” said the minister.
He said construction work is expected commence soon.
“The joint venture has targeted over a thousand families and land for this has already been identified.
“By this time next year we will be able to see some of the constructed unites in Lilongwe. We don’t want to see projects that will take us long time,” said Phoya.