Signs agreement with the National Housing Authority
The Italian Construction Limited, represented by its general director, Domenico Oppido, recently informed authorities of the National Housing Authority (NHA) of its interest to invest in the real estate sector of the Liberia.
The Italian Construction Limited was invited to Liberia by Beni Kouyate, owner of Farafina Investment Group Incorporated and Mazazka Holdings Incorporated.
NHA Deputy Officer-in-Charge, Raphael During, welcomed Mr. Oppido and his team and signed on behalf of the NHA a Memorandum of Understanding (MoU) as the first step to harmonize their agreement for the project.
The Italian Construction Limited is duly registered and incorporated under the laws of Liberia, Mr. Oppido said. He signed the MoU on behalf of his company.
He said the company is also involved in infrastructural development and has its sub-headquarters in La Cote d’Ivoire and has decided to invest in Liberia to build 5,000 affordable homes through the NHA.
According to the agreement, the Italian Construction Limited will be responsible for the construction of the 5,000 housing units, along with its technical support while the NHA, on the other hand, will provide architectural support.
The company will also enter an arrangement with the Liberia Bank for Development and Investment (LBDI) in a Public-Private Partnership Agreement (PPPA) that would establish processes and procedures of payment of mortgage to Liberian citizens.
Mr. During informed Mr. Oppido that the Liberian government, represented by the NHA, is excited about his interest to invest in the real estate sector.
“We are happy for your interest to invest in the real sector that would provide opportunities for our people to own their own homes,” Mr. During said.
He added that the government welcomes genuine investors who want to do business in the country that would be consistent with President George Weah’s Pro-poor Agenda in this sector to provide affordable housing units for Liberian citizens.
Since the new leadership at the NHA was appointed to lead the agency, this is the third foreign investor that has expressed interest to work with the Liberian government through the National Housing Authority to invest in the real estate sector.
Meanwhile the new NHA leadership has begun discussions with the Ministry of Internal Affairs’ Department of Urban Planning, led by Deputy Minister for Urban Affairs, Madam Paulita C.C. Wie to be able to get to superintendents in Margibi, Grand Bassa and Montserrado counties with the intent to secure lands that could be used for the many investment projects coming its way.