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Remarks by Hon P.A.Chıinamasa (MP) - Minister of Finance and Economic Development

Let me start by recognising the presence of:

  • Hon. Minister of Local Government, Public Works and National Housing, Cde Saviour Kasukuwere
  • Hon. Deputy Minister of Local Government, Public Works and National Housing

I would also want to recognise thePOSB Board Chairperson Mrs. Mathilda Dzumbunu, POSB Board Members,POSB Chief Executive Officer, Mr. Admore Kandlela, Management and Staff;

 

Let me also acknowledge the presence of:

  • Government officials;
  • Captains of Industry; and
  • Distinguished guests, ladies and gentlemen. 

A very good morning to you all.

 

Introduction

I am very happy to address you at this important event where we are witnessing the launch of POSB Mortgage Finance.

 

This is a milestone achievement in the long journey of the evolution of POSB into a diversified financial institution. The Bank should continue to adapt its business model to the rapidly changing socio-economic environment.

As you may be aware, business sustainability is underpinned by economic, environmental and social pillars. On the economic front, your [the Bank’s] financial position has been steadily improving, which is highly commendable.

 

We would, therefore, want to see more activities aimed at enhancing the Bank’s role in promoting environmental and social sustainability. The event that we are witnessing this morning is a noteworthy step towards promoting the social welfare of Zimbabweans. Zimbabweans deserve better access to mortgage finance so that they can invest in decent houses.

 

The Bank’s role in providing housing finance

Demand for affordable housing in the country remains high. We have seen many institutions actively participating in the housing finance market. I would, however, want to urge all players to make sure that they assist Zimbabweans to get access to affordable and quality housing.

My interest is on the following issues:

  • Affordable interest rates – the Bank’s income should be driven by volumes instead of over-burdening home seekers with unsustainable interest rates;
  • There is need for collaboration among industry value chain players in order to deliver the best possible housing solutions to our people; and
  • Exploring innovative and cost-effective ways of developing adequate on-site and off-site infrastructure.   

Zimbabwe’s housing finance sector has huge opportunities. You, therefore, need a clear business model that will help you achieve your strategic goals.

 

Conclusion

 

Government will continue to implement measures that support the development of the entire housing value chain.

Zimbabwe has lots of idle resources that could be used to unlock value for the benefit of the entire country. There is need to explore ways of unlocking value from unencumbered assets.

 

Government stands ready to support POSB to go into housing development. My colleague, Hon. Kasukuwere, the Minister of Local Government, Public Works and National Housing will be happy to support the Bank with suitable land for housing development.   

 

I thank you for your kind attention.

 

POSB Mortgages Finance Launch

 

23 August 2017

Crowne Plaza Hotel

HARARE

           

Enacted Budget

Ministry Financials


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