Press Release
CPS Live Ltd and the People’s Bank of Zanzibar (PBZ) held a press conference today, the 13th September 2017, to announce their cooperation and the signing of contracts that will enable customers of PBZ to buy houses of the Fumba Town Development project with affordable conditions through a bank loan.
The press conference was held at CPS headquarters in Zanzibar Town. It was well attended by about 40 journalists representing all major TV and radio stations as well as newspapers from Zanzibar and mainland Tanzania. The CPS Managing Director Sebastian Dietzold together with the Managing Director from People’s Bank of Zanzibar Juma Hafidh declared that their cooperation will enable the citizens to buy houses for a affordable price.Managing Director Hafidh stated that any citizen with a monthly salary and other regular income enabling him to repay his loan will get the chance to sign a contract with the People’s Bank of Zanzibar to buy a house via different mortgage programs.
He said that the mortgage programs will have favorable conditions and low interest rates in order to make it possible for as many people as possible to “buy a house for the same price as paying rent”. This is the main aim of the new program, developed for the citizens of Zanzibar that want to be part of the new Fumba Town experience and purchase affordable housing in a clean environment with modern infrastructure.
“Through this program every customer will be able to buy housing starting from only 15 000 TZS per day with a payment plan of 15 years. This will be available irrespective of which account you have at PBZ bank or how much savings you have accumulated.” said Hafidh Juma.
Earlier on, managing director Sebastian Dietzold mentioned that the decision to put up these mortgage plans is aimed at fulfilling the intent of the Government of Zanzibar to provide modern and affordable housing to the citizens of Zanzibar. The mortgage plans with PBZ will now make it possible for many Zanzibaris to purchase housing, which will also bring the government a step closer to fulfill the development goals for the middle class of 2020.
“This project is built in Zanzibar and it is aimed at Zanzibaris, that’s why we work hard to make them a part of Fumba Town Development and built modern housing for affordable prices, while at the same time cooperating with the PBZ bank and provide opportunities for citizens to finance their new home for reasonable rates” states Sebastian Dietzold.
Furthermore he expresses his gratitude towards the President of Zanzibar, Dr. Ali Mohammed Shein, for visiting the construction site on August 22nd as part of his inspection of the western region of Zanzibar. The visit made it possible for more citizens to get information about Fumba Town Development which was initiated in 2015 and which construction began in late 2016.
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