Abuja — A Nigerian company, Exhimab Integrated Link Limited, has been awarded a contract to construct 50,000 housing units in Chad at a cost of $1.2billion.

The houses which would be spread across all the provinces in Chad , according to the Chairman of Exhimab, Alhaji Ahmed Tijani Umar would be in different categories of one, two, three and four bedroom flats.

The project, expected to commence on July 1, 2010 with a completion date of 2013 is one out of Chad's many welfare plans to ensure that its citizenry enjoy benefit from its crude oil windfall and a fulfilment of the presidents word to the people that" The development of the crude oil will benefit Chadians, "Alhaji Ahamed said.

According to the Memorandum of Understanding (MOU) signed by both parties, Exhimab is expected to provide 80 per cent of the funds by receiving international guarantee from the Chadian government, while the government of the Republic of Chad would provide the remaining 20 per cent counterpart funds including land.

While appreciating the Chadian president Idriss Deby, for the confidence and encouragement reposed on Exhimab, especially on the tax holiday and waiver on building materials imported to the landlocked country, The Chairman added that the flagging off of the project tagged "Mass Housing for All in Chad" would be witnessed by Presidents of all neighbouring countries near Chad.

The preamble of the MOU reads in part: "The Government of the Republic of Chad represented by the Ministry of Housing, Urban and Regional Development and Eximab Integrated Link Limited; considering that the government of Chad is highly committed towards the implementation of its housing policy and housing development.

"Considering that the government of Chad is proposing to realize many projects in housing development, through a partnership (international cooperation, bilateral and private sector) to achieve its development objectives for a great number and in reasonable deadline.

"Considering that Eximab Integrated Link Limited is a company of housing development of the Chadian right, exercising its activities in the housing development; it is agreed that:

"The present protocol of agreement has as objective the realization in Chad by Exhimab Integrated Link Limited company of the housing program of fifty thousand (50,000 housing)."

It added that "Exhimab commit in mobilizing the funds and ensures that financing up to 80 per cent of the program till its completion."

The MOU was signed by Alhaji Ahmed Tijani Umar on behalf of Exhimab and the Minister of Housing, and Regional Development Mr. Djimrangar Dadnadji for the Chadian government.

The responsibility of the Chadian government according to the MOU would include the provision of land, 20 % financing and administrative support needed for the success of the program.

"The government will provide the plots of land and contribute at the rate of 20% for the program implementation.

"The government will guaranty administrative support needed in the program setting up the program as agreed by both parties till the program completion. The mentioned government will equally issue legal authorization, administrative protocols and agreement with derogation and customs exonerations, and facilities that are required to meet the target of the Memorandum of Understanding."

It added that "a joint venture would be created between Exhimab and SOPROFIM in order to ensure the marketing of the project."

The Chadian Minister of Housing according to source said after a meeting with Exhimab"s offshore financier they had to no choice but to give the company a chance in Chad .