Latest update November 25th, 2024 1:00 AM
Latest News
- ExxonMobil commences design for 7th project as Gov’t remains ‘iffy’ over approval
- Gov’t extends deadline for proposals on second phase of Gas-to-Energy project
- Hezbollah rockets land near Tel Aviv after big Israeli strike on Beirut
- 121 drivers nabbed speeding, 248 with unauthorised tinted glass
- Cop stabbed by Venezuelan national
CDB reconsidering housing loan policy for middle income owners
The Caribbean Development Bank (CDB) has announced that it is currently revising its Housing Sector Policy and Strategy so as to better assist its borrowing member countries (BMC) in the provision of appropriate housing
CDB is considering housing sector policies to better benefit low and lower middle-income segments of the population.
solutions, particularly for low and lower middle-income segments of the population.
One step towards the revised policy was a recent workshop held in Barbados on February 24 and 25, on the theme “Promoting Sustainable Development Approaches to Housing for Low Income Households”.
The basis of the workshop was two studies commissioned by the bank that separately assessed CDB’s involvement in the housing sector, and work being undertaken by selected member countries.
Participants discussed the findings of these two studies as well as a presentation on the challenges, opportunities and successes of affordable housing solutions for low income households.
“The workshop also provided an opportunity for participants to exchange views and experiences on the housing sector in their respective countries,” CDB said yesterday.
The bank’s Director of Projects, Michelle Cross Fenty, reminded participants that over the years CDB and the governments of its members have placed a high development priority on housing.
“Since 1990, CDB has provided over US$160 million in loans and grants to 12 borrowing member countries (BMCs) in support of various initiatives in the housing sector…Traditionally, interventions have been geared towards home ownership (including the provision of mortgage finance through financial intermediaries), improvements in housing stock, upgrading and regularising informal settlements, and providing sites and services.”
Cross Fenty also outlined one of the valuable lessons that came out of CDB’s experiences of financing the provision of low-income housing.
“… The need to adopt an “enabling plus” approach to housing policy that considers both the provision of housing and the enabling environment that is required to support the sustainable development of housing sectors across our BMCs. Without the necessary enabling environment in place, the actual construction of housing units will not have the desired maximum social, economic and environmental development impacts. Therefore, in order to maximize the impact of our interventions, and to facilitate an appropriate, holistic response to the…housing challenges, establishment of an enabling environment has become a critical consideration for the Bank.”
Recent studies suggest that the housing deficit in Latin America and the Caribbean stands at between 42 and 51 million units in a region that is estimated to grow to 160 million households by 2020.
“This unmet demand, compounded by changing settlement patterns, has resulted in insufficient housing provision, as evidenced by informal settlements, particularly in urban areas,” CDB said.
Although data on housing in the bank’s BMCs are not readily available, surveys of living conditions suggest that significant pockets of substandard housing still exist, especially among lower quintiles of the population.
CDB is a regional financial institution established 1970 for the purpose of contributing to the harmonious economic growth and development of member countries. The bank’s founding president was noted economist and Nobel Laureate, Sir Arthur Lewis. There are 19 regional borrowing member countries – including Guyana and Suriname; three regional non-borrowing member countries and five non-regional non-borrowing countries – Mexico, Venezuela and Colombia. Members outside of the Region are Canada, China, Germany, Italy and UK.
As of December 31, 2014, CDB had total assets of US$2.61bn.
Guyana has been benefitting from significant CDB loans especially for infrastructural works across the country.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The business class also funds undemocratic parties
…Peeping Tom Kaieteur News- There’s a peculiar phenomenon in Guyana, a sort of cyclical ritual, where members of... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
