The Inter-American Development Bank today announced the approval of a $27 million soft loan to support a program in which the government of Guyana will divest large amounts of land to assist the settlement of low-income families.
The project is also designed to stimulate private markets, coordinate an inter-agency response to squatting, and facilitate mortgage loans by private financial institutions to low-income and middle-income households.
In addition, the Central Housing and Planning Authority* will be strengthened and policy reforms undertaken to promote a more efficient and modern land use planning and development system.
A one-stop-shop will be established to handle titling and development approvals to streamline private and public sector residential development.
The total cost of the program is $27 million. The IDB loan is for a 40-year term, with a 10-year grace period, at an annual interest rate of 1 percent during the grace period and 2 percent thereafter.
Local counterpart funds total $3 million.