President Dr Irfaan Ali today announced that some 600 landowners in Lethem, Region Nine (Upper Takutu-Essequibo) will be getting $1 million each to assist them in constructing their homes. He also revealed that low-interest loans will also be available from two commercial banks so that persons can get the remaining financing to complete their homes.
President Ali and a team of Cabinet Ministers travelled to the Region Nine township for a three-outreach.
While addressing persons in Lethem, the Head of State pointed out that his government is committed to ensuring that hinterland communities are developed on par with those on the coastland.
To this end, he announced new initiatives to push hinterland housing and improve lives of persons in the region.
“The model of house that people are using here cost about $3 million, that is in the community. So, here is what we’re going to do, the Government of Guyana, starting with the persons who have the lots – 600. The Government of Guyana, with immediate effect [will], give G$1 million to each of those allottees.”
According to President Ali, this investment of $600M from the government will be further boosted by additional financing from commercial banks.
“We were able to sit down with two banks – GBTI and New Building Society – and without any collateral, without the job letter, they have agreed that they will finance the remaining $2 million at 3.5%, the lowest in the country. So, you get the $600 million from us [the government], you will get the reminder finance, and guess what? The repayment for the financing from the bank would be just about $14,000 per month.”
The Head of State went onto note that the residents in Region Nine will also benefit from other measures government has introduced.
Only last month, President Ali announced free building materials and slashed interest rates on bank financing for homeowners.
This is in addition to the removal of VAT on certain construction materials such as cement, sheetrock and concrete boards.