the 10,000 housing project by the Italian Pizarotti finally on track, 5 years after the financing agreement

the 10,000 housing project by the Italian Pizarotti finally on track, 5 years after the financing agreement

(Agence Ecofin) – Designed to be part of the solution to Cameroon’s housing deficit of 2,000,000 units, Pizarotti’s 10,000 housing project has been stalled since 2017. Despite the 45.4 billion FCFA already released.

The Director General of the Cameroon Real Estate Company (SIC), Ahmadou Sardaouna, proceeded, Friday, June 24 at Ekoko II, not far from the city of Mfou in the Center region, to the official reception of the first materials and other equipment in front of allow the construction of 10,000 housing units in Cameroon by the Italian company Pizarotti to be carried out.

This is one of the very first concrete actions of this gigantic real estate project, for which two loans totaling just over 115 billion FCFA ($185 million) were signed on 1er March 2017 (more than 5 years ago, editor’s note) between the State of Cameroon and the Italian bank Itensa Sanpaolo, which also partially financed the construction of the Olembe stadium. According to documents from the Autonomous Amortization Fund (CAA), the public debt manager, 45.4 billion FCFA of this financing has been disbursed, at least since 2020, reveals Invest in Cameroon.

Since that date, Cameroon has also been paying the interest on this debt. It must be said that the first loan, amounting to 14.1 billion FCFA, has already been fully consumed. It was concluded for an interest rate of 4.9%, a grace period of 3 years and a maturity of 7 years. And the second credit, for an amount of 101 billion FCFA, shows a disbursement rate of 31%. It was concluded for an interest rate of 1.7%, a grace period of 3 years and a maturity of 21 years. Financing is therefore to be excluded from the reasons for the delay in the realization of this project, which has been in the making since the beginning of the 2010s.

In phase I of this project, which finally seems to be on track, the SIC and the Italian firm Pizarotti announce the construction of 1,224 housing units, including 224 social housing units. It is also planned to build basic collective facilities and develop roads and various networks. This phase of the project will be implemented on an area of ​​16 hectares.

Industrial production

But, for the time being, underlines the SIC, it is a question of carrying out “the acquisition of a large stock of materials, machines and equipment dedicated to the establishment and operation of the industrial base for the production of housing”. This industrial base, which, according to the SIC, will help boost socio-economic and industrial activity by creating a value chain driven by the installation of SMEs and SMIs, will extend over 59 hectares. The SIC also assures that the annual production capacity of the industrial base is at least 1,000 dwellings and will be operated over a period of 40 to 50 years.

As part of the 2e phase of the project, scheduled to be completed during the year 2026, it is a question of building 9,000 housing units in Zouatoupsi and Nkolntsam, in the district of Mbankomo, still in the Center region. The SIC-Pizarotti project should boost the supply of public housing in the country.

As a reminder, created in 1952 to promote social housing, the SIC has only been able to build around 11,000 housing units (the housing deficit in Cameroon is estimated at around 2 million units, editor’s note) nowadays , of which only half remains in its housing stock, while the other half has been sold to individuals, on a hire-purchase basis.

According to the latest official information, this state-owned company currently has a rental stock of 5,329 housing units, compared to 5,355 in 2018. In this stock, 4,598 housing units are rented to private individuals, 257 are used by the Ministry of Lands , Cadastre and Land Affairs, 427 used by the Ministry of Defence, 28 are for use by the SIC and 15 are disaster victims.

Brice R. Mbodiam

Read also:

26-10-2021 – The Société immobilière du Cameroun posts a result of 128 million FCFA in 2020, down 81.7%

09-07-2021 – Cameroon seeks the expertise of the Moroccan group TGCC to carry out its social housing projects

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