Raymka Construction and Ecobank have partnered together in a development that will provide funding for land acquisition and property development through a project known as Malawi Infrastructure and Land Empowerment (Mile).
The Mile project will offer loans for plots, cement blocks and construction of shell houses. Ecobank Marketing Brands and Communications Officer Takondwa Chirwa, said the partnership was means for the bank to support its customers who wish to have a house, as Raymka Construction Executive Chairman and co-founder Mike Nkali, said that the loans were free of collateral. “The land itself is collateral and we have worked that out with the bank already” said Nkali.
The Mile project is complementary to the Timange Malawi project which was launched in 2015. Tackling hardships in real estate, the project aims at developing plots and selling them at an affordable price and on loan and developing a transparent system.