Ethiopia announces $1.2bn mega housing project for Addis Ababa
Ethiopia’s Federal Housing Corporation (FHC) has announced plans to build 16,173 homes in Addis Ababa at an estimated cost of around $1.2bn.
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According to The Reporter news site, about half of the housing is to be offered to state officials, and the remainder are for rental houses to employees of businesses.
Last week, the corporation held a one-day conference for stakeholders in the project. Girum Birhanu, the deputy head of the FHC, said: “The plan is to build villas and various high-rise apartments ranging from nine to 21 storeys.”
The first phase of the scheme is expected to cover about 26ha and will use land presently owned by the FHC, as well as extra land to be provided by the city council.
The construction of the villas is expected to take less than 18 months, and the construction of the apartments is expected to take between 24 to 36 months. Finance is to be provided by a mix of government grant and bank loans.
According to the information from Addis Ababa City Administration, more 755, 535 people have registered for low-cost housing schemes, 126, 529 of whom are government employees.
Image: A Federal Housing Corporation rendering of a possible design