FirstRand invests towards affordable housing delivery
FirstRand Namibia through its Foundation injected N$5million into the Development Workshop Namibia (DWN) Land and Housing Project which is aimed at delivering affordable serviced land to low-income individuals around the country.DWN is a non-governmental organisation (NGO) focused on sustainable urban development, informal settlements and the disadvantaged communities that reside in them. DWN works through partnership agreements with local authorities and in support of national development goals. They currently run four (4) programmes that include Land & Housing, Urban Sanitation, Early Childhood Development (ECD) as well as Urban Infrastructure.
Speaking at the handover ceremony held last week, FirstRand Foundation Chairperson Clara Bohitile explained that the Foundation recognises that it has a responsibility to deliver both financial value and positive social outcomes for Namibians, a principle that was introduced as a strategic priority for the group in 2019.
“We understand that delivering shared value requires innovation, deep thinking, constant change, and unrelenting commitment. Our journey to that place began many years ago and our commitment to the destination is firm. We believe the outcome in properly partnering with others who ‘do what matters’ – has proven it consistently delivers value, both financial and social, and earns the trust of all our stakeholders” she said.
RMBs’ support to DWN initiatives also paved the way for a new FNB loan scheme currently piloted in Oshakati and Okahao. Through this scheme, clients of the DWN/NCE Land and Housing Project are eligible for an FNB personal loan of up to N$ 50,000 and for a period between 24-48 months.
Her remarks were reiterated by FirstRand Namibia Chief Executive Officer (CEO) Conrad Dempsey who said that the provision of affordable land and housing delivery is the most meaningful catalyst for the creation of inter-generational wealth for Namibians.
DWN Trustee Tedd Rudd who accepted the investment on behalf of the DWN Land and Housing Project expressed gratitude to FirstRand Namibia adding that this investment is a breakthrough for DWN and will go a long way towards the provision of affordable serviced land as well as support in terms of access to housing loans for the beneficiaries.
Moreover, while delivering his keynote address, Minister of Urban and Rural Development Erastus Uutoni commended FirstRand and DWN for their contribution towards the servicing of low-cost residential land and provision of housing to the Namibian nation.
Shelter
“Decent shelter is one of the basic human needs along with food and clothing, and in light of the severe housing deficit affecting the low- and middle-income households I believe addressing the housing backlog has the potential to boost economic growth and mitigate income disparities” he said.
He further implored the private sector to continue to support the government’s efforts on land and housing development by devising innovative ways of building quality but affordable houses as well as developing affordable housing financing products that meets the needs of the lower income groups.
“Given the current economic hardships, the government alone cannot bear the cost of servicing land for housing and are counting on the support of the broader society. Churches, NGOs, associations, universities, the private sector and the banks all have a role to play towards the provision of affordable land and housing delivery” he said.
He concluded by congratulating the FirstRand Foundation for the vision and support towards the provision of land and housing adding that the government takes note of the significant contributions made by the private sector in the delivery of housing stock and access to financing.
FNB Namibia, RMB, WesBank, Ashburton and Pointbreak and OUTsurance, through the FirstRand Namibia Foundation, has invested over N$80 million into Namibia over the past 10 years.