Prime Minister Philip J. Pierre is urging the Saint Lucia Development Bank (SLDB) to act quickly so Saint Lucians can access a new EC$54 million housing facility.
According to Pierre, this financing is the largest housing investment in the country’s recent history.
At Monday morning’s pre-Cabinet press briefing, Pierre said he has been pressing the bank to speed up preparations so future homeowners can start using the financing soon.
“I’ve been knocking at the door saying to the bank that they have to expedite it,” he said. “The bank must get these processes in place … because it’s very important.”
The comments follow the signing of a Housing and Infrastructure Development Facility involving the Export-Import Bank of the Republic of China (Taiwan) and the SLDB.
Pierre clarified that the SLDB is borrowing EC$54 million from Taiwan’s EXIM Bank, with the Government of Saint Lucia guaranteeing repayment.
“So it’s not a debt on the government. It’s a debt for the bank that the government has guaranteed,” the Prime Minister explained.
He said the facility is an important step in addressing Saint Lucia’s housing shortage.
“Because there’s a housing deficit, and we want to help cover that deficit.”
Applicants will still need to meet regular banking requirements, like showing they can repay the loan and have a good debt-to-income ratio. However, Pierre hopes the SLDB will be more flexible when reviewing applications.
He suggested the bank should also consider an applicant’s financial discipline, commitment and priorities, not just the usual lending criteria.
The Prime Minister made it clear that the financing is not just for public servants or any one group.
“Everyone is eligible,” Pierre said, identifying self-employed people, single mothers and young people among those who could potentially benefit.
Even though the SLDB is still working out how people can access the facility, Pierre encouraged interested Saint Lucians to start getting ready now.
He advised people who want to apply to start preparing their house plans, household budgets, and make sure their land documents are ready.
“If you have land already, begin to ensure that you have your papers, because there are certain things that you need when you get the bank loan,” he said.
Pierre indicated that the programme should start to take shape by early next year.
The Prime Minister also argued that the impact of the EC$54 million injection could extend well beyond individual homeowners, boosting economic activity in construction and other industries.
“A housing development helps many people. It helps many sectors of the economy,” he said, describing the facility as “a massive injection”.
