Azania Bank Tanzania has dished out 65.16m/- as a soft loan to Tanzania Financial Services for Underserved Settlements (TAFSUS) in support of its project of upgrading conditions of houses in the unplanned and underserved settlements.
According to TAFSUS, the loan will benefit 15 households in Manzese area Mvuleni ward, Kinondoni District in Dar es Salaam.
Speaking at a ceremony to hand over the money, Lands, Housing and Human Settlement Prof minister Anna Tibaijuka said projects on houses and settlements improvement anywhere in the world cannot succeed without support from the banking industry.
She said banks and other financial institutions in the country should be in the forefront to offer financial support to people who wish to buy houses or renovate the existing ones.
This would help them in upgrading the values of their houses.
"It is not easy for ordinary people to buy a house without the support of financial institutions like banks. It is against this background that I as Minister for Lands Housing and Human Settlement applaud the move taken by Azania Bank to partner with TAFSUS in a bid to support this project which was earmarked as a pilot project. It is the wish of my ministry and the government to see that other unplanned and underserved settlements in other towns in the country also get support and their living standards are improved," said Prof Tibaijuka.
Welcoming the minister, the Managing Director of Azania Bank Tanzania, Charles Singili asked Tanzanians dwelling in unplanned and unserviced settlements to team up by forming groups that would make it easy for them to access loans through organisations like TAFSUS and others.
"Our bank is out to support such noble projects. What is required of you is to have a daring heart. Have an ambition and a strong will to transform your living environment. You can form groups as was done by 15 households at Mvuleni to apply for loans from us,” he said.
Earlier, Board Chairman for TAFSUS Salmon Odungo said that about 457.4m/- has been approved as loans meant for upgrading houses in unplanned and underserved settlements.
He asked beneficiaries of the first bunch of this loan to show diligence in keeping up with the loan regulations so as to give others the opportunity to benefit from the project.