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Writes Hillary Munedzi
Entrepreneurs in the construction industry have lamented the lack of credit lines to fund new projects with the banking sector reluctant to disburse loans sighting viability challenges.
The construction sector in Zimbabwe is characterized by perennial finance-related problems such as the high cost of financing and difficulty in getting loans. Employers in the construction sector continue to lament over the high costs of production.
Speaking during the premiere comedy series “The Return of Gringo” recently, with the main role being executed by Lazarus Boora’s son Taurai Boora, CEO of Eagle Eye Construction said there is a need to support the arts sector by providing the artist with housing projects tailor made to suit their budgets.
The young entrepreneur said the banking sector should assist construction companies in financing housing projects as this is a lucrative business since a lot of Zimbabweans are building their houses and most of the transactions are done in cash.
“The solution to the housing problem lies in the opening up of stakeholders’ participation in the provision of housing, where government, non-governmental organisations, multilateral agencies, and the community can play a critical role.
He said the whole process lies in the participation of the urban poor in the provision of housing for the poor, where there are critical actors in defining housing programmes that best suit the urban poor.
Zimbabwe is seized with a housing backlog of 1.25 million housing units, which by no means is a mean task. Reducing such a backlog does not require piecemeal approaches, but demands concerted efforts from all stakeholders in the human settlement development agenda
“So as Eagle Eye Construction, we want to provide opportunities for the urban dwellers. As a nation, we must build and invest in our country and put Zimbabwe on the map. When it comes to infrastructure development, we are the people who can allow this beautiful country to be known, because no one is coming to do it for us.
“Also, the other thing that triggered me to be in the field is l want to support President Emmerson Mnangagwa’s vision. As a young man, l do believe that if we remain focused and grow up with a clean and smart mindset, we can do better things here. All youth must try to do something with their hands. All things are possible to those who believe in their hustles,” said Allidy Chipanda CEO of Eagle Eye Construction.
The main challenges of sustainable low-income housing in Zimbabwe are inadequate budget allocation, outdated policies, lack of development funds, insufficient housing delivery programs, and high interest in capital finance.