Stanbic Bank Uganda has signed a memorandum of understanding with National Housing and Construction Company Limited (NHCC) that is aimed at helping providing affordable housing to Ugandans.
Under the partnership, at least 1,400 housing units will be developed, targeting Stanbic Bank employees after which offers will be extended to other corporate entities, public and business community.
Speaking at the function in Kampala on Tuesday, 30 November 2021, Ms Anne Juuko, the Stanbic Bank Uganda Chief Executive Officer, said housing as articulated in Target 11 of the Sustainable Development Goals (SDGs) is a key component of sustainable development and fits into the financial institution’s priorities.
“We agree with the view that good housing drives access to basic services, contributes towards inclusive growth, and supports the development of a sustainable future, with a direct impact on the factors that contribute or mediate the effects of climate change; through this partnership, Stanbic Bank hopes to play its role towards the desired goal,” Ms Juuko said.
Eng Kenneth Kaijuka, the Chief Executive Officer of NHCC,said inadequate financing has hindered development of housing projects in the country.
“Informed by the great strengths and our respective mandates each party represents, we have agreed to join hands under this tripartite framework to champion mutually beneficial collaborative initiatives that will address the above underlying challenges ultimately increasing housing stock, market the existing NHCC stock, customize housing products for Bank staff and other clients, under tailor made schemes,” he said.
The partnership will be managed by Stanbic Properties Limited, its housing and development arm.
Finance minister Matia Kasaija graced the occasion.