BancABC Zimbabwe, the local banking subsidiary of Pan African Group Atlas Mara launched its Hopelyn Housing Scheme in partnership with Hopelyn Housing Estate on Friday, 17 June 2022 in Bulawayo at an event in which the Minister of National Housing and Social Amenities, Honourable Daniel Garwe was the Guest of Honour.
The scheme, a result of an US$11 million funding availed to the BancABC by Shelter Afrique in 2021, is targeting the construction of houses for low to middle income earners countrywide. Located in Bulawayo North, the launch of the Hopelyn Housing Scheme is a timely development in light of Zimbabwe’s current national housing deficit.
Today’s launch is a milestone in BancABC’s property portfolio housing development projects on the back of many other completed projects in the past 10 years. In 2011, BancABC and Shelter Afrique extended loans valued at US$7 million for the construction of 150 houses across the country. Shelter Afrique extended another tranche of US$5 million trade finance facility to BancABC in 2015 for the importation of building materials and equipment.
Speaking at the launch of the Hopelyn Housing scheme, BancABC CEO, Dr. Lance Mambondiani affirmed the Bank’s commitment in arranging syndicated funding for the construction of low-cost housing in partnership with the National Housing Ministry to address the housing crisis. He stated, “We are excited about the launch of the Hopelyn Housing Scheme, one of a few other housing schemes across the country. It’s not a coincidence that we came here first, it is our statement that this scheme will not be centralised to one city, but for all cities to benefit. We have heeded the Government’s call to partner and invest in housing development projects in the country and together with our partners, we will play our small part with more projects like these.”
The guest of Honour, Honourable Garwe commended the bank for the initiative, adding that his Ministry was pleased to work with BancABC in a private/public solution to address the housing and infrastructure gap for low and middle-income earners. He thanked Shelter Afrique for showing confidence in Zimbabwe as an investment destination and for assisting Zimbabweans across the country to access affordable housing.
BancABC has designated a special team that will process mortgage applications for qualifying applicants. This information can be accessed through the Bank’s branch network and website (www.bancabc.co.zw).
Similar Housing Scheme projects are slated to be rolled out in Gweru, Masvingo, Mutare and Harare as BancABC fulfils one of its key mandates to be a trusted financial intermediary for diverse projects countrywide.
