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$600M for home construction in Region 9

President Irfaan Ali has announced that some $600m will be invested in region nine to assist some 600 allottees with their home construction.

The President Irfaan Ali is currently in Region Nine with cabinet members hosting a community outreach. According to President Ali the model of house currently being built in Region Nine, costs about $3M.

Under this initiative each of the 600 allottees will receive $1M.

“Starting with the people who have the house lots 600 of you, the Government of Guyana will with immediate effect give $1M Guyana dollars to each one of those allottees in Region Nine. That is an investment on your behalf of $600M Guyana dollars direct transfer,” the Head of State announced as he received a loud applause from the gathering.

Apart from that, he also announced that two commercial banks- the Guyana Bank for Trade and Industry (GBTI) and the New Building Society (NBS) will finance the additional 2M needed to build their homes.

“Without any collateral, without the job letter, they have agreed they will finance the remaining $2M at 3.5%, the lowest in the country.”

This will amount to just about $14,000 a month in loan payment. These two investments amount to just about $1.8B.

The residents will also benefit from the steel and cement initiative which allows homeowners whose homes cost $6M or less access to steel and one sling of cement. Meanwhile homeowners with houses between $6m and $25m builders will be given two slings of cement.

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