Sep 18 , 2021
Cornerstone Development Group, a company engaged in real estate, has officially launched a construction project to develop housing for workers employed at factories in Hawassa Industrial Park. Lying on 21,000sqm of land, the project comprises 13 blocks that will house 6,500 employees. The project is slated to cost 600 million Br, and up to 15pc will be financed by Cornerstone, while the remaining amount will be covered by a grant extended by the German Development Bank and a loan from Zemen Bank. The project aims to address the lack of affordable housing in the area, where thousands of workers have to commute to work, spending hours on the road every day. According to the project managers, the dormitory blocks will be leased to companies that are already paying transport and housing allowances to employees, while some of the rent will be covered by the employees themselves. Established in 2017 and specialising in textile manufacturing, Hawasa Industrial Park has a labour force of close to 35,000.
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