Times Of Swaziland: SNPF LOAN BOOK SWELLS TO E204.6M

SNPF LOAN BOOK SWELLS TO E204.6M
================================================================================
BY KWANELE DHLADHLA  on 21/06/2018 08:24:00


MBABANE – In the spirit of empowerment to foster economic growth, the
Swaziland National Provident Fund (SNPF) has issued out E204.6 million loans.
This was disclosed by General Manager (GM) Business Development and Finance
Langalakhe Dlamini. He explained that the total loans were not necessarily
monies issued during the current financial year but was the total amount of
loans which sit with the provident fund to date.
“These are monies that have been issued by the fund with a view to contribute
to socio economic development of the country as a whole,” said Dlamini when
explaining the rationale in which they decide on the beneficiaries.
An analysis of the loan book by the Business Desk based on independent
calculations unearthed that loans issued out for institutional housing loans
received the largest tranche of E100.2 million which constitutes 49 per cent of
the total loans issued to eight entities.
Dlamini explained that the institutional housing project which had been funded
was being implemented by the Swaziland National Housing Board for the
development of decent housing for Royal Eswatini Police, nurses and civil
servants among others.
The benefiting institutions include; Swaziland Milling, SBC Housing Development,
Emprop, Finance Development Corporation (FINCORP), Swaziland Investment
Development Corporation (SIDC), Emprop, Manzini City Council and Montigny which
received the lowest loan of E4 million which constitutes two per cent of the
loan book.
It should be mentioned that the SBC, which was loaned E36.8 million, has started
development of the Malkerns Square to be valued at over E1 billion upon
completion. The estate to incorporate up to 1000 units in total would be
approached in phases on the basis that it would have not made financial sense to
invest into the entire project without testing the market.
The ongoing construction of 54 units is a mixture of one, two and three bedroom
apartments.
SBC has previously committed that it would be adding more depending on the
number of people that would show interest in the 54 units upon completion.
It had also been mentioned that the first units to be constructed would be
inclusive of infrastructure such as drainage systems and roads which had been
projected to cost between E40 and E70 million.
For full implementation of the first phase, it had been stated that SBC would go
up to 300 units.