Zambia is to start of a project early next year to build 15,000 houses at an estimated cost of 1 billion Euros. This is according to Housing and Infrastructure Development Minister Ronald Chitotela.
National Housing Authority has signed a deal for the project with Magcor International.
Mr. Chitotela said that “The Magcor project is one of the many infrastructure projects due to start next year and we expect that it will ease our housing deficit.
Magcor signed a Memorandum of Understanding and had already signed a Joint Venture Agreement with the National Housing Authority.
Magcor Chief Executive Officer Michael Glynn said his firm had guaranteed financing to build the houses in partnership with the NHA and United States project management and construction company Volkert Global.
Mr. Glynn said that Magcor will design, build and deliver these projects to the leasing company National Housing Authority and related public and private sectors with both equity and debt financing.
Zambia has a housing deficit affecting 1.5 million people, a third in Capital Cities and the project targets to build 15 thousand houses over the five year period.