Business

Azania Bank supports housing upgrading

AZANIA Bank Tanzania Limited has dished out 65.16m/- soft loan to the Tanzanian Financial Services for Underserved Settlements (TAFSUS) in support of its project of upgrading houses in the unplanned and underserved settlements.

According to TAFSUS, the loan will benefit 15 households at Mvuleni ward in Manzese area, Kinondoni District in Dar es Salaam Region would beneficiaries to improve the state of their houses.

Speaking during a short ceremony to hand over the cheque, the Minister for Lands, Housing and Human Settlement Development, Prof. Anna Tibaijuka, said projects of improving housing cannot succeed without the support of banking industry.

She said banks and other financial institutions should be in the forefront to offer financial support to citizens who wish to buy houses or renovate the existing ones.

"It is not easy an ordinary citizen to buy a house without the support of financial institutions like banks. It is against this background that I as a Minister for Lands Housing and Human Settlement Development want to applaud the move taken by Azania Bank Tanzania to partner with TAFSUS to support this project which was earmarked as a pilot project," she said, adding:

"It is the wish of my Ministry and the Government to see that other unplanned and underserved settlements in other towns also get support and their living standards are improved" .

Speaking shortly before welcoming the minister, the Managing Director of Azania Bank Tanzania, Mr Charles Singili, urged  Tanzanians dwelling in unplanned and unserved settlements to team up by forming groups to access loans through organisations like TAFSUS to be used in upgrading their living environment.

"Our bank is out to support such noble projects. What is required of you is to have a daring heart. Have an ambition and a strong will to transform your living conditions. You can form groups as was done by 15 households in Mvuleni to ask for loans from us or organisations like TAFSUS," he said.

Earlier, Board Chairman for TAFSUS Mr Salmon Odunga said about 457.34m/- has been approved as loans meant for upgrading houses in unplanned and underserved settlements.

He wanted beneficiaries of the first bunch of this loan to show diligence in trying to keep up with the loan regulations to make sure that they repay the loan in time to give others the opportunity to benefit from the project