Zanzibar — ZANZIBAR is significantly addressing the housing demands of its growing population, with a firm focus on affordability and sustainability, President Hussein Mwinyi said on Wednesday.
"Through the Zanzibar Housing Corporation (ZHC), the government spearheads key initiatives to expand access to affordable homes, especially for low- and middle-income families," Dr Mwinyi told the African Union for Housing Finance and International Secondary Mortgage Market Association's joint conference, yesterday.
He said provision of affordable, safe and sustainable homes that meet the needs of both present and future generations is the fundamental challenge faced across the African continent.
"It speaks to the fundamental challenge we face across the continent how to ensure that we provide affordable, safe and sustainable homes that will meet the needs of both present and future generations," he said.
President Mwinyi said construction of large-scale housing projects designed to meet the demands of urbanisation while ensuring affordability through innovative financing models and public-private partnerships is critical.
He said the government has also prioritised development of sustainable communities, incorporating green building practices and ensuring access to essential services like water, sanitation and electricity.
"Zanzibar's broader vision is to create well-planned, environmentally friendly and livable urban areas that can support long-term economic growth," he said.
ALSO READ: Zanzibar unveils major plan to preserve Stone Town
The president cited for praise the crucial role that the International Secondary Mortgage Market Association (ISMMA) plays in the global housing finance ecosystem through connection of institutions that provide secondary market liquidity for mortgage lenders.
"This liquidity is essential in enabling lenders to offer long-term and affordable mortgage products to homebuyers, expanding access to housing finance.
"ISMMA's expertise in secondary markets brings a wealth of experience and innovative financial models to the table, which is why their partnership in this conference is critical," President Mwinyi told the meeting.
He further explained that co-hosting the African Union for Housing Finance (AUHF) and ISMMA is bridging the gap between global best practices and Africa's unique housing market needs.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"Your involvement signals the increasing global recognition of Africa's housing potential and underscores the importance of cross-border collaboration in building sustainable and resilient housing finance systems that will support affordable housing efforts not just in Africa, but around the world," he said.
AUHF is celebrating its 40th anniversary through the conference whose theme is: 'Building to Last: Realising a sustainable and affordable housing sector in Africa and beyond.'
