PPF to initiate low cost housing project in Dar es Salaam

                                             

By MASATO MASATO AND SEBASTIAN MRINDOKO, 


THE Parastatal Pension Fund(PPF) will soon initiate a low cost housing project in Dar es Salaam Region and sell them to residents on credit arrangement.

This was said on Sunday in Dar es Salaam by the PPF Director of Planning and Investment, Mr Stephen Alfred at the ongoing Dar es Salaam International Trade Fair (DITF) that the project will benefit more people.

He said the project in pipeline was in the preliminary preparations. He said the fund was conducting feasibility study to identify the area for project implementation. ''The project is expected to benefit members and non members to possess the houses,'' he said.

He said the decision to undertake the project was the continuation of the plans to make the fund grow and offer excellent and affordable services to the people to demonstrate exemplarity in East Africa.

Mr Alfred said in the low cost housing project in Mwanza Region, where 580 houses were built, 480 have already been purchased. The remaining houses have been lined up for selling and final procedures were being carried out by the bank mandated to undertake the business.

The fund , has currently the value of 722bn/- with 160,000 members and by the end of 2012, the number of members would reach 250,000.

He said one of the achievement of the fund was the payment of benefits to its members worth 63bn/-. Also the capital growth was expected to reach 1.43tr/- from only 40bn/- in 1995.