Some of the posh apartment blocks built by the AICC to ease housing problems for the middle class in Arusha. The flats were officially inaugurated by acting Arusha RC Jovika Kasunga. PHOTO | ZEPHANIA UBWANI
What you need to know:
The state-owned corporation spent Sh5.2 billion to put up the state-of-art flats, of which Sh3.25 billion was a loan from the National Bank of Commerce (NBC) and Sh1.96 billion from its coffers.
Arusha. The Arusha International Conference Centre (AICC) unveiled 50 new residential flats and said it was keen on tapping the lucrative real estate sector to add on to the conference business.
The new apartments are located in three residential complexes along the Range Road and Commercial Area both situated at the Corridor, a leafy suburb of Arusha. The state-owned corporation spent Sh5.2 billion to put up the state-of-art flats, of which Sh3.25 billion was a loan from the National Bank of Commerce (NBC) and Sh1.96 billion from its coffers.
Speaking at the official inauguration at the weekend, AICC managing director Elishilia Kaaya said the centre was diversifying its activities and would strive to tap into the big potential of real estate business in Arusha.
AICC was established in 1978 as a parastatal under the ministry of Foreign Affairs. It inherited properties which were under the former East African Community (EAC) in Arusha.
Ever since, its main role has been running AICC at the former EAC headquarters, transforming the three-winged complex into a rented office block for corporate bodies and private sector firms.
