Capital being explored for housing expansion

Government pushing for US$250M injection into sector

His Excellency Dr. Mohamed Irfaan Ali has said several engagements are in progress to secure funding for the housing sector.

The Head of State made this disclosure in his feature address at the ‘Dream Realised’ housing exercise launched yesterday, by the Ministry of Housing and Water – Central Housing and Planning Authority (CH&PA).

Dr. Ali said housing is an important aspect in the development of the Guyana’s human resources and as such access to capital for the sector is crucial.

His Excellency President Dr. Mohamed Irfaan Ali

“I’ve already identified one source, but we have recently [published an advertisement] in the newspaper to raise US$250 million for the housing sector, and we invited individuals or agencies to submit term sheets,” he noted.

The response has been tremendous, the President said, explaining that he has already engaged many agencies at the bilateral, multilateral and regional levels.

“Every single Head of State I spoke to so far; I’ve outlined housing as a top priority and asked that financing of the housing programme be taken into consideration of their development fund. In my most recent conversation with the Emir of Qatar, I requested of him to look at housing from the Qatari Development Fund,” President Ali said.

The President’s vision for housing development is to provide affordable housing solutions for all Guyanese over the next five years. To this end, 10,000 house lots are to be distributed annually. Major infrastructural works are set to be done to achieve this goal and a hinterland development programme is being executed to enhance the lives of Guyana’s First Peoples.

By the end of the year, 2,600 land titles and transports will be distributed to Guyanese. The ‘Dream Realised’ initiative is the first step in meeting this target. Over 300 persons from Regions Three and Four received their certificates of land titles and transports at Friday’s opening of the event at the Guyana National Stadium, Providence.

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