600 Lethem residents to get $1M for home construction

─ NBS, GBTI offering financial assistance at 3.5% interest rate

Some 600 persons who have been allocated low-income house lots in Lethem, Region Nine, will soon receive $1 million each, to commence constructing their homes.

President, Dr Irfaan Ali makes a point while addressing residents at the Tabatinga Sports Ground, on Friday

“The Government of Guyana with immediate effect will give $1 million to each of those allottees… that’s an investment on your behalf of $600 million,” President, Dr Irfaan Ali announced Friday.

He was at the time addressing scores of residents at the Tabatinga Sports Ground in the Upper Takutu-Upper Essequibo Region.

President, Dr Irfaan Ali greets residents of Lethem upon arrival to Region Nine

President Ali announced too that the Guyana Bank for Trade and Industry (GBTI) and the New Building Society (NBS) are willing to finance the remaining $2 million for the prospective homeowners at a rate of 3.5 per cent.

The collateral-free gesture from the two outstanding financial institutions will see the 600 allottees repaying just about $14,000 per month.

President, Dr Irfaan Ali greets residents of Lethem upon arrival to Region Nine

“We told you that you will benefit from the revenues of the country when some said that you must not be part of it,” the president reemphasised to a resounding applause.

Dr Ali underscored that the collaboration between his government and the commercial banks sees up to $1.8 billion injected into the district to push the housing drive.

The president made it clear that all the materials and labour for the projects must be procured locally.

“The businesses will benefit…the communities, labourers, skilled workers, [and] block makers will benefit. You all will benefit, as a result of investment the government is making,” he stressed.

A section of the gathering during the president’s meeting at the Tabatinga Sports Ground, on Friday

The head of state noted that the measures which were outlined are “second to none,” citing that “the power of owning your own home, and turning your own keys are enormous.”

With each of the properties costing about $3 million, Dr Ali said when the investment is made, the properties can be refinanced and that would allow the homeowners to get additional funds to start up small businesses.

“…That is the real power of this investment…that is how people are being empowered, and the net asset value of Guyanese is increasing… You are now empowered; the government has now empowered you!” the head of state emphasised.

Meanwhile, the president assured that persons living across the hinterland communities will also benefit from the recently announced steel and cement initiative.

The Guyanese leader had declared on July 22, that persons building homes at a cost of $6 million and below will receive steel and one sling of cement from the government to build the foundation of their houses.

For every other category of home builders, including young professionals and those in the middle-income bracket constructing homes costing over $6 million up to $25 million, government will provide two slings of cement.

Additionally, the Housing and Water Ministry has already launched a number of programmes across the hinterland communities, benefitting hundreds of residents there.

President Ali continues to beckon all Guyanese, despite their race or political affiliation, to take a seat on the bus of prosperity.

He is currently leading a ministerial team on a three-day outreach to Lethem, and Deep South Rupununi.

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