Government injects another $5 million in housing sector

More Dominicans are set to benefit from the Government’s Housing Revolution following the handing over of cheques totalling $5 million to two lending institutions in Dominica.

At a ceremony at the Financial Centre yesterday, acting Prime Minister, Hon. Ambrose George presented a cheque of $3 million to the Chairman of the Government Housing Loans Board, Mr Felix Thomas and a cheque of $2 million to the Chairman of the AID Bank, Mr. Ambrose Sylvester.

This direct cash injection of $5 million represents the balance of funds promised by the Government of Dominica to these institutions. Earlier this year, the Government made available $4 million to the GHLB and $3 million to the AID Bank.

To date forty-nine loans have been approved at an interest rate of 4% through the GHLB for public officers for home construction. Thirty-two loans have been approved for non-public officers at the AID Bank at an interest rate of 5% on the reducing balance. These rates are significantly less than the commercial rates available at other financial institutions.

The Housing Revolution is being financed as a result of a grant of $29.4 million from the Government of the Bolivarian Republic of Venezuela. The Government has committed $12 million in the 2007/2008 fiscal year for housing development.