Speaker, a co-operative agreement between the private sector and government in KwaZulu-Natal to provide 3 500 families with affordable housing is to be applauded. This is a new R1,5 billion integrated residential, commercial and light-industrial development on the Natal North Coast. It will target the lower- to medium-income market where people are earning up to R15 000 a month or more, but do not qualify for the government subsidy.
The project has been developed by Standard Bank's integrated residential development division. The MEC for Human Settlements and Public Works, Maggie Govender, signed the memorandum of understanding with Standard Bank at the launch of the project.
Kevin Duncan, the managing director of integrated residential developments, said: "This type of project is a first for Standard Bank in KwaZulu-Natal, and it is part of our mandate and the financial sector charter to increase investment in the affordable residential market." It will also provide work opportunities, schooling and recreational and social facilities in a self- contained community, which will include community halls, crches, open public spaces and public transport.
Work has already begun on bulk services and will take five years to complete. This is in line with the ANC policy to develop integrated human developments. Working together, we can do more. Thank you. [Applause.]