President Irfaan Ali today announced that 600 persons who have received lands from the Ministry in Lethem will be given $1m, each to begin construction of their home.
The President was at the time addressing a gathering at the Tabatinga Sports Ground in Lethem, Region Nine, the Central Housing and Planning Authority (CHPA) said in a statement.
He said that the Ministry will be partnering with the New Building Society and the Guyana Bank for Trade and Industry as they will be offering loans to the tune of $2m, at a rate of 3.5% to persons interested in the initiative.
According to Ali, the total cost for the home based on consultations is $3m.
The monthly repayment for the loan is approximately $14,000 per month, the CHPA said.
The President added that residents in the region will also benefit from the cement and steel initiative which was announced earlier this month for coastland residents.
Registration began immediately as staffers of the regional housing office are at the venue.
The President is currently leading a three-day outreach to Lethem, and Deep South Rupununi.
He is accompanied by Ministers, Susan Rodrigues, Nigel Dharamlall, and Pauline Sukhai. Several Permanent Secretaries including Andre Ally, Ryan Toolsiram, and other technical officers from key government agencies are also in the region, the CHPA said.