CABS signs MOU

Central African Building Society, a subsidiary of Old Mutual Zimbabwe, last week signed a Memorandum of Understanding with the Harare City Council to establish a $15 million housing fund.

The fund will see the construction of over 3000 housing units in Budiriro High Density Suburb. The launch of this project further endorses Old Mutual’s commitment to support development and growth of the Zimbabwean economy through initiatives that foster development of housing, infrastructure, agriculture and the recovery of businesses.

Luke Ngwerume, Group Chief Executive Officer of Old Mutual Zimbabwe, explained that the group’s commitment towards this project was underpinned by its sense of responsibility to make ongoing contributions to Zimbabwe’s economic development.

“As a leader in the financial services sector and broader economy, we remain committed to contributing towards the sustainable development of this economy. The initiative will see 3000 low income housing units constructed in Budiriro. This is very critical in meeting our strategic thrust to play a key role in the reconstruction and recovery of the economy.”

Speaking at the launch, CABS Managing Director, Kevin Terry, expressed the group’s commitment towards genuine participation in land and housing development.

“It is a great honour to be entrusted to undertake a project of this magnitude which will yield over 3,000 housing units to benefit Harare residents on the waiting list. We hope that this will go a long way towards alleviating the pressure on housing.”

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