Lending a hand with serviced land

28 September 2018 | Banking

In order to help municipalities and town councils speed up the servicing of land, FNB Namibia has decided to grant local authorities loans that they don’t have to repay from operation or capital cash flows.

Instead local authorities will be allowed to settle their loans from the proceeds from the sale of the serviced land sold to the end users.

“As we all know, most municipalities and town councils in Namibia are hampered from servicing land and providing the proper services due to budget constraints. Therefore, a scarcity of available land for purchase by Namibians is the order of the day and FNB Namibia has come up with a product to supplement the municipalities/town councils/government with their limited resources to avail serviced land to our people,” says the head of public sector banking at FNB Namibia, Leslie Puriza.

In a statement, Puriza says local authorities need to use their funds for essential services like existing provision of sanitation, water, electricity, roads, public transport and ambulances. “This is a service that each citizen may expect and FNB Namibia therefore wishes to lend a helping hand to ease the burden on the municipalities and town councils,” he says.

End users may buy land serviced with the help of the bank through cash or loans secured from any financial institutions, including FNB Namibia.

Servicing of land includes the installation of water supply, storm water pipes, electricity, sewerage and proper grading of gravel or tarred roads.

The local authorities will appoint the contractors or developers to service the land.

“FNB Namibia is a partner in this venture and wishes to support the authorities while also lending a helping hand to Namibians who wish to own their own plot and built their own dream houses,” Puriza says.

“We are involved in this to contribute to delivery of affordable land to our people. This contribution is a token of our participation in achieving the government objectives in terms of Vision 2030 and the Harambee Prosperity Plan,” he says.

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