Q FM Africa's Modern Radio
Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) has signed an agreement with Diamond Equity aimed at helping union members buy land and construct houses in the country.
Speaking during the signing of the MOU in Lusaka, ZUFIAW President Ackim Mweemba says the partnership is an opportunity for ZUFIAW members to acquire housing assets which will add value to their balance sheets.
Mr. Mweemba says the development arose from the realization that most employers have done little to empower their employees with home ownership schemes.
He states that the lack of shelter has condemned some union members into destitution upon separation from employment because they could not afford to build or rent a house after leaving employment.
Mr. Mweemba says ZUFIAW has therefore decided to intervene in the real estate market b offering an alternative ,flexible and affordable mechanism to employees to posses land and construct houses while still in employment through the “Zufi-manyumba Home Empowerment Scheme” in partnership with Diamond Equity Limited.
Speaking earlier, Diamond Equity Partner Construction Manager Gilbert Mabingo says the scheme will see about 4000 residential plots being offered for sale across the country under a repayment plan over a period of close to 10 years.