IDB grants Guyanan housing loan

The Inter-American Development Bank (IDB) has approved a loan of US$27.9 million to help low-income families in Guyana with housing.



The funding will go towards the government\'s Second Low Income Settlement Programme, which is expected to benefit about 12,000 households.



A statement from the IDB says the demand for quality housing is also unmet, as an estimated 52,000 houses are over 30 years old and not properly maintained.



The First Low Income Settlement Programme, initiated 16 years ago, benefited about 19,000 mostly low-income households over its seven years of execution and has been deemed successful by the Bank.



The IDB loan consists of US$13.95 million from the Bank\'s ordinary capital for a 30-year term including a six-year grace period at a variable interest rate.



It also consists of 13.95 million from the Fund for Special Operations for a 40-year term and grace period, at .25 per cent interest rate.