Lafarge Mahaweli Cement partners Sanasa Development Bank for affordable housing
Thursday, 21 November 2013 00:00
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Lafarge Mahaweli Cement recently signed a Memorandum of Understanding (MOU) with Sanasa Development Banka to provide affordable housing.
The MOU, which was signed at the Sanasa Development Bank Head Office in Naharenpita, was officiated by Anurag Kak, Managing Director of Lafarge Mahaweli Cement Ltd. and Mahendra Galgamuwa, General Manager/CEO of Sanasa Development Bank.
The affordable housing program, which has been successfully implemented around the world by the Lafarge Group, will now be introduced to Sri Lanka, enabling low cost yet safe construction.
Kak said: “Our partnership with Sanasa Development Bank will allow us to combine resources to enable low and middle income groups to achieve their dream of owning a home. Most individuals lack knowledge when it comes to construction. Within our affordable housing program we will provide Sanasa Bank customers with architectural plans verified by experts in the field, the required BOQs as well as visits by our teams to the building sites.”
Supporting low income groups
According to Mahendra Galgamuwa, General Manager/CEO of Sanasa Development Bank, the company agreed to the MOU because they consider it a good way to support low income groups since these individuals require loans far more urgent than the middle or upper class.
In his speech at the signing ceremony, he said: “While we specialise in providing loans for low cost housing, Lafarge will provide the construction expertise in terms of architecture, health and safety, etc. since there is a lack of awareness on how to build houses or how to get a plan approved. For these reasons, it took longer in the past to obtain a housing loan. With this project we aim to minimize the time spent from obtaining the loan to completion of construction.”
Micro finance activities
Sanasa Development Bank is unique in its commitment to improve the standards of living for low income Sri Lankan families offering a range of micro finance activities. The clientele of the bank, among others, consists of farmers, fisherman, vendors and laborers and small business owners, which fits the Lafarge affordable housing model.
Recipients of the loans will be selected through Sanasa’s societies, according to the Lafarge plan to provide 75 housing loans initially, with the number expected to increase up to a 100. The Lafarge affordable housing program, which is initiated in the Gampaha District, has the potential to be extended across the country.
