Housing Finance Bank gets sh50b

THE Government plans to inject sh50b in the Housing Finance Bank. The housing state minister, Michael Werikhe, said the move was aimed at enabling more people to access credit and to promote development.

The boost follows sh40b that the bank had previously received from the Government.

Addressing journalists at the Media Centre in Kampala on Wednesday, Werikhe said over two million people lack housing units.

There is a deficiency of over 100,000 housing units in Kampala, he said, adding that the Government would address the problem.
The minister said they had established a housing policy and would pass other laws that guide the real estate development and housing constructions.

He explained that the Government was lobbying banks to provide mortgages to the public at affordable rates and other long-term loan facilities for development.
Werikhe noted that there were several slams in the country, but a slam upgrading strategy would be launched in October to facilitate the development of proper houses.

He said the construction sector, which is experiencing a boom had played a key role to socio-economic development and has been growing at 13% per annum.

Werikhe said the ministry had computerised the Kampala, Wakiso and Mpigi land registries to check forgeries of titles and would extend the programme countrywide.

He also announced the opening of the 7th annual construction exhibition and seminar at the Lugogo show grounds in Kampala that started yesterday.
The principal housing officer, Dane Khayangayanga, said the money they had received was generated from sales of the ministry’s houses.

Source: newvision.co.ug