Barbados Housing Loan
December 9, 2010 No. 48/10-BD BARBADOS SECURES LOW-INCOME HOUSING LOAN FROM CDB The Government of Barbados has secured a loan equivalent to USD36 million from the Caribbean Development Bank (CDB) to assist with its programme of providing housing for the lower income segment of the country's population which would not be eligible for mortgage financing or be able to afford their own homes. CDB's Board of Directors approved the loan at a meeting on December 9, 2010, at the Bank's Headquarters in Barbados. The Government's housing programme will provide 316 housing units at eight different sites mainly in urban areas. The phased Construction activities supported by the CDB loan is expected to stimulate the Barbados economy by offering employment opportunities and demand for local goods and services at a time when the Construction sector has contracted due to the global downturn. Technical assistance will also be provided to the National Housing Corporation (NHC) to assist it in assessing and reviewing its institutional capacity, which is critical for carrying out its mandate in an efficient, effective and sustainable manner. The NHC is the agency which has responsibility for the development of lands, Construction of housing units for sale or rent to low and middle income families and the General Workers' Housing Loan Scheme.