Construction of 500 low-income homes in Region Three after MoU inked with Republic Bank

The Central Housing and Planning Authority (CH&PA) on Saturday, signed a Memorandum of Understanding (MOU) with Republic Bank Limited (RBL) for the financing of 500 low-income homes at Leonora, Region Three (Essequibo Island- West Demerara).

The 20 x 30 (625 square feet) two-bedroom flat units will be built at $5.5 million each. This is another initiative by the government to provide affordable housing solutions to Guyanese.

Minister of Housing and Water, Collin Croal and Minister within the Ministry, Susan Rodrigues witnessed the signing between CH&PA’s Chief Executive Officer Sherwyn Greaves and Republic Bank’s General Manager Venus Frith at the International Building Expo 2022 being held at the National Stadium at Providence, East Bank Demerara.

During brief remarks at the signing ceremony, Minister Croal said that the project will commence immediately with the construction of the first 100 homes under the project.

“One can see the commencement of work in the new week, where the steel for the foundation will be placed,” he explained.

Minister Croal said the signing is part of that collaboration, where low-income homes will be built for families, who were qualified under the government’s Home Construction Assistance programme.

Meanwhile, Republic Bank’s Manager, Mr. Frith said that the signing of the MOU signals the continued indication of the bank’s commitment, and passion to contributing to the development of the country, and its people.

On Friday evening, President Ali announced support for homebuilders which includes the provision of steel and one sling of cement for people building homes valued at $6 million and below. 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, the government will provide two slings of cement. (Extracted and modified from the Department of Public Information)