AEA Ltd, a subsidiary of TransCentury PLC, has inked a deal to build a KSh29.8 billion ($250 million) housing project in the Democratic Republic of Congo (DRC).
The trading firm signed a memorandum of understanding (MOU) with Symbion Architect to construct housing units for the Office Conglais De Controle (OCC) staff (a quality assurance body) over five years.
AEA will be the EPC project contractor responsible for mobilizing all the construction equipment at the project site, procuring labour and construction materials for the project, health and safety on site, executing all construction works in line with approved designs, consulting with the architect, engineers and other professionals during the project construction.
TransCentury Group Chief Executive Nganga Njiinu noted that the current supply of housing and basic services in the DRC does not match the rising demand for affordable housing.
“We have stepped in as the consortium to work with like-minded partners for the project to assist in alleviating the issue. The project will employ thousands of workers until its completion, and there will be a huge value chain that will benefit within the vicinity with employment opportunities,” he said.
“TransCentury has been doing business in DRC since 2011, and we are happy to see other Kenyan businesses coming into the market.”
The World Bank Report, 2015 on Stocktaking of the Housing Sector in Sub-Saharan Africa projects that Africa could have as many as 1.2 billion urban dwellers by 2050 and 4.5 million new residents in informal settlements each year, most of whom cannot afford basic formal housing or access mortgage loans.
In addition, DRC’s population is expected to reach nearly 145 million inhabitants in 2050, with 60% urban residents and 40% rural population compared to 42% and 58% in 2014.
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