CHIBOMBO District Council (CDC) is in the process of signing a Memorandum of Understanding (MOU) with Lloyds Financial Services to construct 700 housing units and a shopping mall.
Chibombo council secretary David Kabanda says construction of the housing unit and a shopping mall would be financed through the Johannesburg Stock Exchange and the Lusaka Stock Exchange.
Mr Kabanda said in an interview that CDC management met with Professor Lloyd Chingambo of the Lloyds Financial Services to discuss the signing of the MOU and the mandate agreement.
He said the mandate agreement will specify the period of starting the constructing the housing units and completion time.
“We are in the process of signing the Memorandum of Understanding and mandate which will specify roles each stakeholder will play when seeking for funds,” he said.
Mr Kabanda said the acute shortage of accommodation in the district would be addressed when the 500 high-cost housing units and 200 medium cost housing units are constructed.
He also said that the shopping mall which will be constructed on an eight hector land will be convenient for shopping by farmers and other residents who did their shopping in Lusaka and Kabwe.
The mall will be constructed at the turn-off to Chibombo council offices on the Lusaka –Kabwe Road.
He said that the construction of the housing units and the shopping will positively change the face of the district.
He said the project was expected to start after all the documentation were signed and a number of requirements such as the environmental impact assessment were done.
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