Kuma Demkesa, Mayor of Ethiopia’s capital city Addis Ababa, laid the foundation stone for the construction of 42,000 new condominium housing. The city administration plans to construct condominium house at 16 sites around the capital.

The successful construction of new condominium housing is a priority for the city administration said Kuma.

The city expects to finalize 80% of the construction project in the current fiscal year at an estimated cost of 6.7 billion birr.

It is expected that an estimated 300,000 residents of Addis Ababa will be housed in the condominium housing under construction.

856 local contractors, who have received prior training, will be in charge of the construction.

It is to be remembered that the Addis Ababa City administration received a loan of 4.4 billion birr from the commercial Bank of Ethiopia for its housing development project. The money is earmarked for the construction of more than 40,000 condominiums this year.

The loan agreement was signed between the bank and the housing development project office on Sept 27. The loan from the commercial bank needs to be paid off in the fourth year after the agreement was signed with six per cent interest, according to Befekadu.

The agreement allows the first year for construction and extends a further two years as a grace period he said.

Source: Walta Info