The Government of Antigua and Barbuda has launched a programme to provide for the renovation and expansion of existing properties.
Antigua and Barbuda’s Prime Minister Gaston Browne who made the announcement, said that the government is partnering with the Caribbean Union Bank.
The Prime Minister said that the programme will be expanded to include all commerical banks operating in the country.
“my government has asked caribbean union bank to extend loans up to fifty thousand dollars over ten years at an interest rate of five to six percent,” the prime minister said.
The Prime Minister said that an individual who borrows twenty-five thousand dollars over ten years will pay back about two hundred and fifty dollars per month and if it is fifty thousand dollars, the pay back will be five hundred dollars per month.
“We believe that the average working class family in the country can afford this kind of home repair loan and we are inviting, especially those individuals living in St John’s to be part of an urban renewal programme to be undertaken by the government,” mr gaston browne said.
The Prime Minister also announced that the government wants to dissuade individuals from using plywood as part of the programme.
‘’we are offering duty free and tax concessions on all building materials, so let us say someone borrows fifty thousand dollars and they are buying materials worth twenty-five thousand, in effect the forty or fifty percent which will be due, will be written off and this will be about forty thousand dollars in value,” the prime minister said.
He added that that the programme is geared at empowering people to improve their housing.