Mozambican Housing Fund to be turned into a bank

18 June 2009

Maputo, Mozambique, 18 June – Mozambican housing fund, Fundo de Fomento da Habitação (FFH) is to be turned into a bank focused on the development of housing in Mozambique, the fund’s chairwoman, Maria Helena Ribeiro said.

Speaking to Mozambican newspaper Notícias at the end of work at the 16th Coordinating Council of the Ministry of public Works and Housing that took place in Chidenguele, Manjacaze district, Gaza, Ribeiro also said that an agreement had been reached on the need to transform the fund into a bank.

The decision follows the end of activities of the State Real Estate Administration, the funds of which, from rents and sales of State properties ensure the survival of the Housing Fund, a public body created by the government to implement national housing policy.

According to the fund’s chair, as the source of income for the fund has come to an end a need has emerged to create a funding body focused on development.

According to Ribeiro, the move will open the way for greater specialisation in the sector in areas linked to credit, essentially focused on funding for housing, thus providing a way of producing and purchasing construction materials and other facilities, as well as increasing turnover by incorporating other areas. (macauhub)