Youth, women to benefit from HIDCO housing investment products

Housing Investment and Development Co-cooperative (HIDCO) has said time has come for Malawians to have easy access to housing opportunities by pooling financial resources together to buy shares in the organization and invest in long term assets.

HIDCO believes in inclusivity hence it has tailored its products to include the youth and women as one way of making sure that infrastructure development is not leaving anyone behind.

In an interview with Malawi News Agency (Mana) Managing Director of HIDCO, Robert Mbeza said the cooperative is inviting all investment minded individuals including those who are in organized groups to join the housing cooperative and have easy access to land acquisition and housing opportunities.

“We are inviting all Malawian citizens living within or abroad to invest in HIDCO by buying shares and becoming members of the cooperative” Mbeza said.

He further said the hub of HIDCO is to privide loans for buying land or building houses once one becomes a member of this institution.

“We are a registered cooperative with Ministry of Industry , so we are encouraging every Malawian including women and the youth to join us by buying shares that will enable them to access loans which will help them to buy land and eventually build their dream home,” he said.

He added that this is one way of enhancing sustainable development in the country and reinforcing youth and women empowerment for a better Malawi.

“Let’s work hard together for the betterment of our country and the only way we can do this is by forming partnerships which will help us to develop economically. Am encouraging the youth and women and every Malawian who is eligible to join HIDCO. Payments can be made by depositing as low as MK10,000 each time they a deposit making participation in HIDCO affordable to everyone.” he said.

Mbeza further encouraged civil servants to consider joining HIDCO and benefit from this organization which aims at relieving them from the stress that comes after retirement due to lack of stable housing facility.

“We understand the pressure many retiring public servants have when they do not have their own homes. Most people get depressed because they have no house to fall back on and investing all retirement funds in house constructions is risky when one has reached the retirement age so HIDCO is here to ease those problems by making sure that by being members of the cooperative, they can invest, buy land and build slowly,” he added.

HIDCO was founded in 2018 after carrying out a research and discovering that most Malawians especially those living abroad are having challenges to buy land and build houses back home which the United Nations identifies as a fundamental human right.

“In our research we also discovered that most people living abroad who attempted to invest in housing projects back home, were left with nothing to show for it after their funds were mismanaged without any structures to show on the ground. Therefore, this organization has come to, among others, bail Malawians out and make them realize their dreams of owning decent houses back home,” he explained.

Currently, HIDCO has 87 members living in Malawi, Canada, Rwanda, United States, UK, Ireland, Dubai, Qatar, South Africa and DRC as it eyes Malawians living in Egypt and other parts of the world. T he organization currently has 158 million asset value and has plots available in Lilongwe, Mangochi, Mzuzu and Mulanje up for grabs by its members but will soon spread to all districts.

Source: MANA Online