GEORGETOWN – The Guyana government on Friday announced it will be providing one million dollars to 600 residents of Region Nine (Upper Takutu- Upper Essequibo) as part of plans to push housing development in the region.
President Dr Irfaan Ali, who is on a three-day visit to the region, said the government will inject GUY$600 million into the region with the funds going specifically for the 600 residents who have been allocated house lots and are expected to start constructing their houses.
Ali explained that the low-income houses in this region generally cost in the vicinity of the million dollars and that his administration will be providing one-third of that sum directly to the homebuilders.
In addition, he said that two commercial banks, namely the Guyana Bank for Trade and Industry (GBTI) and the New Building Society (NBS), have agreed to finance the remaining two million at an interest rate of 3.5 per cent.
The authorities said that this is the lowest interest rate in the country, and the homebuilders will be eligible for the loans without providing any collateral or a job letter.
“So, you get the $600 million from us (and) you will get the reminder financed and the repayment will be just about 14,000 per month,” President Ali told the residents, adding that they will also benefit from the free cement and steel initiative announced at the recently concluded International Building expo 2022.
Under the project, homes costing six million or less, the home builder will get the steel needed for construction and one sling of cement, while for those costing in excess of six million and up to GUY$25 million, the government will provide two slings of cement.
Ali said altogether, these measures are expected to boost homebuilding in the region. (CMC)
