BUSINESS WRITER 11 July 2017
HARARE – The National Social Security Authority (Nssa) is planning to
construct nearly 15 000 housing units across the country this year.
Nssa chairperson Robin Vela yesterday said the pension administrator’s
unit – National Building Society (NBS) – was in negotiations with several
stakeholders on the construction of houses.
“A new low-cost housing project was launched in April 2017 in Chinhoyi.
The first phase involves the construction of 723 housing units,” he said
in a second quarter update.
“Similar projects are being mooted in all major towns with Nssa engaged in
offtake discussions, at an advanced stage, for developments in Derbyshire,
Harare (1 010 units), Caledonia, Harare (8 000 units), Emganwini, Bulawayo
(800 units), and the National University Science and Technology University
area student accommodation (4 800 units),” Vela added.
The development is expected to ease the country’s housing backlog, which
is estimated to be around 1,25 million.
Vela also indicated that the deep-pocketed social security authority is
planning to continue supporting the agriculture sector through funding
after it injected $20 million into the 2016/2017 farming season for the
production and supply of critical basal and top dressing fertilisers.
“It is Nssa’s intention to continue pursuing such structured trade
transactions, which generate positive investment returns for the
authority, while also providing meaningful support for strategic national
“As such, a syndicated financing package for fertiliser producers for the
2017/18 crop was completed in this quarter,” he said.
The Nssa boss noted that the pension administrator, which recorded a $105
million profit last year, has invited proposals from potential investors
and has received proposals from at least two internationally-recognised
medical houses to operate Ekusileni Hospital.
The specialist hospital – a brainchild of the late nationalist and Vice
President Joshua Mqabuko Nkomo – was built
in 2001 and was subsequently shut down after it was discovered that the
acquired equipment, worth millions of dollars, was obsolete.
Vela said refurbishments of St Tropez demo apartments were completed last
month, while the public will soon be invited to view and gauge the
interest in preparation for sale with the NBS providing mortgage finance.
“A strategic decision was made to increase the authority’s presence in the
short-term insurance sector through an additional investment in Nicoz
Diamond which became a subsidiary of Nssa in May 2017.
“Nicoz Diamond is a dominant player in the short-term insurance market and
fits well in the strategic insurance cluster held by the authority,” he
In the period under review, Nssa also made a decision to invest in the
troubled Cold Storage Commission (CSC).
“The proposed schemes of arrangement are yet to be registered with the
High Court due to an opposing challenge which was filed by a former CSC
employee,” Vela said.