Tanzania: Multi-Billion Housing Project Launched by Saccos

Posted on :Friday , 17th June 2016

Musoma — A Savings and Credit Cooperative Society (Saccos) has launched a four-year housing loan scheme for its members.

Speaking during the launch on Tuesday, Imara Saccos manager Hildagadis Kinanda said the cooperative society had set aside Sh3.5 billion for the first phase of the project.

According to Ms Kinanda, the houses would be built in three phases. At least 500 houses will be constructed in 2017 in the first phase.

Imara Saccos decided to come up with the facility after it realised that many of its members were in need of decent accommodation.

"We realised that many people are living under difficult conditions; they cannot afford building their own houses," said Ms Kinanda.

The houses will be built on plots owned by the beneficiaries. Speaking to The Citizen, Imara Saccos members commended the idea.

"Imagine we are more than 3,000 members, so if everyone is able to own a house, it will transform our lives," said one member, Ms Anna Bigambo.

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