Two cooperatives, the Community Savings and Investment Program (Comsip) and Housing Investment and Development Cooperative (HIDCO), have partnered in an effort to enhance property development that will result in the construction of a new shopping mall in the northen city of Mzuzu.
Speaking on Thursday, officials from the two cooperatives said their partnership entails construction services provided by HIDCO in the project by some members of Comsip, one of the largest cooperatives in Malawi with over 50 000 members across the country.
“We want our members to own property just like we see in countries like Kenya where cooperatives own property in cities and we aspire the same in Malawi,” said Chief Executive Officer of Comsip Tennyson Gondwe.
Vice Board Chairperson of HIDCO, Andrew Likaka, says his cooperative does not only provide construction services but also building materials that are environmentally friendly and will be used in the project that will primarily provide space for members’ businesses.
In the partnership, HIDCO will further render its services to the vast membership of Comsip which is a big market opportunity for construction service as farmers do invest massively in housing and warehouse structures.
Managing Director of HIDCO, Robert Mbeza, explained that Comsip members will also have an opportunity to access services from HIDCO that include skills on environmentally friendly housing materials and construction, land for development in well designed residential areas in various districts in the country, among others.
Comsip is a government affiliated institution that is transforming poor rural households into commercially oriented farmers and traders, having graduated from government handouts like social cash transfer and public works programs.
With World Bank support, the cooperatives union is further orienting to self sustenance as it roots in commercial ventures, developing an asset base that emanates from members’ shareholding.
On the other hand, HIDCO is probably the fastest cooperative and is unique in the property industry with members in both Malawi and diaspora, championing property investment by Malawians to set up high end housing infrastructure in well serviced designated areas the cooperative is developing.
