The Government of Saint Lucia has secured a US$20 million loan from the Export-Import Bank of the Republic of China (Taiwan) to support affordable housing and infrastructure improvements. The loan will be disbursed through the Saint Lucia Development Bank (SLDB) and is intended to assist low- to middle-income households.
Prime Minister Philip J Pierre confirmed the deal during the November 3 pre-cabinet press briefing. “We’ve completed that arrangement,” he said. “There was concern about the spread of the interest rate, and we have completed that.”
He noted that all terms and conditions of the facility have been finalised.
“We’ve agreed on the terms and conditions of the loan from the Taiwanese government to the Saint Lucia Development Bank,” Pierre stated, adding that the final step is signing the agreement. “Very soon the prospective homeowners of Saint Lucia will have access to US$20 million… through on-lending from the Saint Lucia Development Bank.”
The government expects public sector workers to be among those who benefit from the initiative. According to the Prime Minister, “We’ve already allowed $400 000 of any mortgage — that’s $400 000 or less — there’ll be no stamp duty, plus the fact that we’ve removed VAT on building materials to create an incentive for housing.”
The government did not, however, disclose a possible timeline as to when the funds will become available for borrowers.
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