ADDIS ABABA – The Addis Ababa City Administration has signed an agreement with South Africa construction firm, Property 2000, to build 500,000 houses in the next five years.
The agreement was signed between Addis Ababa Deputy Mayor, Adanech Abiebie and officials of the South African company on Wednesday morning.
According to state media report, the city will avail the land where the houses will be built on while the construction company covering the 4.2bln US dollars construction cost.
The houses will, eventually, be transferred to the beneficiaries through a mortgage loan that lasts 30 years, the reports say.
The Deputy Mayor said 100,000 houses, that will be built in the first year.
The city administration will continue its effort to alleviate the housing problem in Addis Ababa through various options, she said, adding that the poor will be given priority.