President Michel Sata says government will this year recapitalise the Zambia National Building Society (ZNBS) to a tune of K167 million.
Mr Sata said the move is aimed at providing affordable finance to the Zambian people to access mortgages for the construction of housing units.
He said government through the ZNBS is promoting its broad branch network in order for all citizens to access both mortgages as well as loan products to either, renovate, purchase or build property.
President Sata reaffirmed government’s commitment to cushion the country’s housing deficit which has resulted in scarce and expensive accommodation for the majority of Zambians.
The Head of State said this on his facebook page today.
And Mr. Sata said government expects the ZNBS mortgage portfolio to grow from K111.9 million as at March 31, 2014 to K212.2 million in on March 31, 2015 representing a growth of K100 million.
The President expressed hope that the number of people who will be able to access mortgages is expected to increase by 159% from 1,238 as from December 2013 to 3,363 by the end of December this year.
This will represent an average of 172 people accessing mortgages per month, from an average of 50 people per month in 2013.
Meanwhile, Mr Sata has directed Local Government and Housing Minister Emerine Kabanshi to expeditiously implement and explore various partnership and investment to cushion the current national housing deficit.
The President said he will ensure that people are empowered with suitable accommodation adding that he will strive to ensure that this dream is realised for the majority of Zambians.