CH&PA, Republic Bank sign MoU for construction of 500 low-income homes at Leonora

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Signing of the MoU between CH&PA and Republic Bank Limited

The Ministry of Housing and Water’s Central Housing and Planning Authority (CH&PA) today signed a Memorandum of Understanding (MoU) with Republic Bank Limited for the construction of some 500 low-income homes at Leonora, West Coast Demerara.

The MoU sets out clearly, the roles and responsibilities of each party as it relates to the provision of financing for the construction of affordable homes at Leonora; the allocation of lands and the processing of land titles.

Construction of these 500 houses, to the tune of some $5.5 million each, will be done by contractors pre-qualified by the parties.

Housing and Water Minister Collin Croal pointed out that these low-income homes are in high demand in the CH&PA Database.

“This is part of what is means about partnership, about development and what it also means to the lives of our citizens by making it much more affordable for them so that we can all achieve this ‘One Guyana’ dream, which includes owning your own home,” he noted.

According to Croal, this partner allows for persons to be freed of the burden of having to deal with the construction process. With financing from the bank, applicants can get a built house.

The Housing Minister noted that construction on the first 100 low-income homes will commence as soon as next week.

“This collaboration starts immediately. In fact, in the new week, one can see the commencement the tying of the steel for the foundation work to commence the construction of these 500 houses. The first hundred houses will commence next.”

“All across this country and all across the regions, we have a number of persons who have been showing interest more in terms of being able to be part of our collaboration to own their own homes in a fasttrack way,” Croal stated.

He went onto further disclosed government will continue to fasttrack homeownership for Guyanese through such collaborations with more lending institutions.

Meanwhile, Republic Bank’s General Manager – Credit, Venus Frith, said today’s MoU signing is reflective of the bank’s commitment towards the development of not just Guyana but its communities.

“It is meant to strengthen our existing relationships, all of which we cherish and appreciate, and to be a demonstration of our willingness to embrace new relationships all across the Cooperative Republic of Guyana.”

“Overall, today’s signing signals our continued ambition towards making a meaningful contribution in the lives of the many individuals who are seeking that dream of homeownership,” the RBL official stated.

The MoU was signed by Frith and Chief Executive Officer (CEO) of CH&PA, Sherwayne Greaves, on the sidelines of the International Building Expo at the National Stadium in Providence, East Bank Demerara. Also witnessing the signing was Minister within the Ministry of Housing and Water Susan Rodgriues.