Ongos, Letshego ink funding agreement
'Addressing a critical need'
As part of a funding agreement, Letshego Namibia will finance mortgages at the Ongos Valley Development, situated 14 kilometres north-west of Windhoek's city centre.
Ongos Valley Development (OVD) and Letshego Namibia this week inked a funding agreement that will allow prospective homeowners the opportunity to finance their homes in the development project situated on the outskirts of Windhoek. Highlighting the significance of the agreement, Letshego Namibia CEO Ester Kali said it was part of the bank’s goals to help solve Namibia’s housing crisis.
“We can fund any customer who needs to acquire a home, and one of the things we are really looking at is how we can help customers afford a home to be able to consolidate whatever debt to be incorporated into the funding,” she said.
The bank was further fulfilling a socioeconomic outcome, Kali added.
"By focusing on low- to middle-income earners, we are addressing a critical need in our society. Owning a home is not only a dream, it is a fundamental right and, together, we are making this dream a reality for all Namibians."
"Letshego Bank is committed to inclusive financing solutions, and this aligns perfectly with OVD to create sustainable communities,” she added.
OVD chairperson Reagon Graig said the agreement with Letshego was perfectly suited to both entities. “It is an ideal partnership between our two institutions."
Ongos Valley is situated 14 kilometres from Windhoek’s central business district, west of Nubuamis. The area covers 1 743 hectares and is intended to become a self-sustaining walkable city, according to its developers.
Phase 1 of Ongos Valley will introduce over 4 500 housing units and supporting infrastructure at a value of N$4.3 billion.