The Vice President, Lucia Witbooi, has reiterated efforts to address the country's housing backlog that requires coordinated private and public sector collaboration.
She made the remarks while officiating at the launch of Mariental's Extension 6 affordable housing development project held at the southern town.
The housing development project is financed by Old Mutual Group Investment through the Tunga Fund with capital anchored by GIPF.
It is partnering with property developer Dynamo Properties, which is supported by Dunamis and RPF Africa.
Of the 311 plots earmarked for property development, consisting of single and general residential erven, 87 have been already serviced.
"The GIPF Pension-Backed Home Loan Scheme is a clear demonstration of how innovation within existing institutional frameworks can expand access to housing finance while empowering citizens to invest in their own future. The introduction of this scheme marks a significant milestone in our collective efforts to enhance the welfare and financial security of public servants."
The Mariental housing development project, said Witbooi, demonstrates the tangible impact strategic partnership can have in reducing the housing gap.
"As we move forward, it is essential that we continue to strengthen partnerships, promote innovation and expand access to housing finance solutions that respond to the realities faced by our people. By doing so, we will not only address housing challenges but also contribute to building resilient communities and a more inclusive economy."
The Old Mutual Group Chief Investment Officer, Sara Engo, said the housing development initiative represents partnership, resilience, and shared commitment to improving the lives of Namibian families.
"This project is addressing a real and pressing need, which remains one of the biggest social and economic challenges facing our country, particularly in towns such as Mariental, where demand continues to outpace supply. And especially the supply of affordable and low-cost housing. The Extension 6 development is a direct response to this reality – providing affordable, serviced land that allows families, developers, and financiers to work together in a sustainable way."
Engo revealed Old Mutual committed N$60-million to the housing development project of which N$12-million has been so far invested.
Mayor of Mariental Ethel Isaack said the housing development not only promises house ownership but also equally contributes to the town's growth.