Over 3,500 to benefit from housing loan

The city of Port of Spain.
The city of Port of Spain.

The Inter-American Development Bank (IDB) has approved a $338 million loan to the Trinidad and Tobago Government to improve the living conditions of low-income households and invest in urban spaces.

The Ministry of Planning and Development announced this yesterday in a press release.

Once approved by this country's government, the money will be invested in government's Urban Upgrading and Revitalization Programme.

The release said the programme was the fourth successive IDB-financed housing and urban development operation in TT and includes several innovative elements. It will incorporate green-building and infrastructure technologies, which will see climate-change adaptation and mitigation features included.

Low-income households will also be linked with potential private finance opportunities to better their housing conditions.

Minister in the ministry Minister Cherrie-Ann Crichlow-Cockburn is quoted as saying: “The Government is pleased to partner with the IDB on this initiative that will see sites upgraded from Sangre Grande to Diego Martin, urban regeneration in both Port of Spain and Scarborough and the strengthening of the housing sector for the benefit of all citizens.

“This initiative will also directly support more than 3,500 households to affordably improve their housing conditions with a special focus on assisting low-income families.”

Rocío Medina-Bolívar, country representative for the IDB Group in TT, said the IDB had supported over 18,000 families through its work with the government and was committed to supporting efforts to improve the lives of TT citizens.

The programme will be carried out by the Ministry of Housing and Urban Development and its Programme Monitoring, Co-ordinating and Evaluation Unit.

It willt ake place over a period of six years and the repayment term will be 24 years, with a grace period of six and a half years and an interest rate based on LIBOR (the London Inter-bank Offered Rate).

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"Over 3,500 to benefit from housing loan"

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