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Guyana gets US$28M more for low-income housing
Finance Minister Ashni Singh (left) and IDB Country Representative Marco Nicola at the signing
Minister of Finance, Ashni Singh and Inter-American Development Bank (IDB) Country Representative, Marco Nicola on Friday last signed an agreement for US$ 27.9 million to facilitate a second Low Income Settlement Programme, which was approved by the IDB Board of Directors on December 17, 2008.
This operation is part of an ongoing collaboration between the Government of Guyana and the IDB that started in 2000 with the first Low Income Settlement Programme, aimed at addressing low-income housing issues.
This second programme is expected to improve low-income families’ access to enhanced living conditions through housing solutions and access to house lots.
It is also expected to benefit about 12,000 households, or eight percent of the country’s households.
According to a release from IDB, despite a population drop due to migration, the country of 760,000 people suffers a deficit of 19,400 homes for the low-income population. Demand for quality housing is also unmet, as an estimated 52,000 houses are over 30 years old and not properly maintained.
The First Low Income Settlement Program has reportedly been successful in accompanying a land divestiture process initiated in 1992. The program has benefited about 19,000 mostly low-income households over its seven years of execution.
Pending challenges include improving the standards for the sites, equipped with basic services such as water, electricity, septic tanks and access to roads; introducing pilots for improved access to housing opportunities through a self-build process; and supporting specific housing demands, such as workforce housing for the occupations needed in every community, including teachers and nurses.
The IDB loan consists of US$13.95M from the Bank’s ordinary capital for a 30-year term including a six-year grace period at a variable interest rate, and US$13.95 million from the Fund for Special Operations for a 40-year term and grace period, at 0.25% interest rate.
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