The St. Lucia government Tuesday said that it has received approval for a US$20 million loan facility from the Export-Import Bank of Taiwan (Eximbank) to expand access to affordable housing and strengthen essential community infrastructure.
The facility, to be on-lent through the St. Lucia Development Bank (SLDB), will help low- to medium-income St. Lucians build or improve their homes, while financing housing infrastructure such as solar PV systems, drainage upgrades, and water tanks, ensuring that new developments are modern, climate-resilient, and sustainable.
Prime Minister Phillip J Pierre
A government statement said that the Exim-Bank facility builds on a series of major housing initiatives already underway including the EC$54 million (One EC dollar=US$0.37 cents) NIC-guaranteed SLDB housing loan facility approved by the Parliament in September last year and providing eligible public servants with 100 per cent loan financing.
It also allows for an EC$1,000 grant toward legal fees and a stamp-duty waiver on the first EC$400,000 of residential loans.
The government is also providing EC$10 million National Housing Project and reinstated the two million dollar Distress Fund assists families affected by fires and natural disasters.
The government has also removed the value added tax (VAT) on selected building materials, including cement, lumber, and galvanise, to lower construction and renovation costs.
‘Through smart financing, targeted investment, and practical social support, the government of St. Lucia is incrementally removing the barriers that have kept many families from owning a home and building a housing framework that delivers real, lasting results,’ the statement said.