OLD MUTUAL'S BUDIRIRO HOUSING PROJECT

 January 2012 - CABS, a subsidiary of Old Mutual Zimbabwe, today signed a Memorandum of Understanding with the Harare City Council on the establishment of a US$15 million housing fund that will see the construction of over 3 000 housing units in the Budiriro high density suburb. The launch of this fund further endorses Old Mutual’s commitment to support the development and growth of the Zimbabwean economy through initiatives that foster the development of housing, infrastructure, agriculture and the recovery of businesses.

Luke Ngwerume, Group Chief Executive Officer, Old Mutual Zimbabwe explained that the group’s commitment towards this project was underpinned by its sense of responsibility to make ongoing contributions to Zimbabwe’s economic development.

“As a leader in the financial services sector and broader economy, we remain committed to continue contributing towards the sustainable development of this economy. The initiative will see 3 000 high density housing units constructed in Budiriro. This is very critical in meeting our strategic thrust to play a key and pivotal role towards the reconstruction and recovery of the economy.”

Speaking at the launch, CABS Managing Director, Kevin Terry expressed the group’s commitment towards genuine participation in land and housing development. “It is a great honour to be entrusted to undertake a project of this magnitude that will yield over
3 000 housing units to benefit Harare residents on the waiting list. We hope that this will go a long way in alleviating the current immense pressure on housing.”

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