The WHC Chief Executive Officer (CEO), Dr Fred Msemwa, said in Dar es Salaam yesterday that the new scheme was aimed at accommodating the huge demand for residential houses in urban areas.
“The demand stands at 1.9 million residential houses in urban areas per year while Dar es Salaam alone demands 400,000 residential houses per year,” said the CEO, during ceremony to sign the agreement with CRDB Bank.
Dr Msemwa said that the government employs about 30,000 people per year but the civil servants are forced to rent houses for years due to lack of funds to buy houses, saying 98 per cent of people construct residential houses using their own earnings.
The interest rate stands at 16 per cent,” observed the CRDB Bank CEO. Dr Kimei, pointed out that under the agreement, CRDB can offer up to 500m/- for single project to put up residential houses and that the scheme will facilitate the National Vision 2025 to transit the country from least developing to a middle income country. “The new scheme will strengthen competition of the real estate business.