Echostone eyes EA housing market
By Sharon Chepng’etich
From Wall Street to building hundreds of thousands of homes in Africa, Anders Lindquist is deploying decades of high stakes financing to addressing the challenge of affordable housing with EchoStone.
The swedish tech firm represents a new class of developers and investors entering the regional market.
“EchoStone’s business model is built on the establishment of a Joint Venture (JV) with a local and experienced developer, which then engages the State via the Public Private Partnership framework, our tech and computerized concrete factory, enables them build 65m (high) and 200m (wide) units,” Says Anders Lindquist, founder of echostone.
Echostone’s sustainable driven approach according to the founder is vital as it provides an opportunity for all participating stakeholders to leverage their core strengths in the value chain and stimulate economic growth.
“Construction is proven to be one of the fastest injections of capital into the local economy, and one home has been proven to create five new jobs according to World Bank estimates.” he adds.
As a socially conscious and pioneering global firm focused on solving one of the world’s biggest challenges, EchoStone’s model prioritizes sustainability and partnership between the public and private sectors.
“This sustainable driven approach is vital as it provides an opportunity for all participating stakeholders to leverage their core strengths in the value chain and stimulate economic growth. Construction is proven to be one of the fastest injections of capital into the local economy, and one home has been proven to create five new jobs according to World Bank estimates.” he says.
Accredited by the World Bank’s IFC Excellence in Design for Greater Efficiencies (EDGE) certification, and with a proven ability to scale rapidly and fun, “EchoStone’s approach is winning plaudits from key decision makers and international development financing firms,” says Lindquist. “EchoStone is uniquely positioned to bridge the affordability gap by building sustainably.”
For Lindquist, the solution to funding in an emerging market and new asset class lies in EchoStone’s “blended finance” approach.
“Our blended financing approach enables us to invest in our own projects, complemented by public private partnerships. For example, the Family Homes Funds (FHF) entity under the Nigeria Ministry of Finance provides construction loans to developers and supports home buyers with home loan assistance programmes, ” he explains.
According to East Africa Property Investment host Kfir Rusin, EchoStone is an emerging pioneer with a proven model across the value chain and global experience looking to work in the Kenyan and East African market.
“As one of 60 + speakers confirmed for this year’s EAPI Summit, Lindquist’s ideas and solution-oriented approach is certain to generate considerable interest within regional leaders in both the public and private sectors,” adds Rusin.