President Irfaan Ali has stated that more than 350 new small contracting businesses have been created to facilitate the government’s housing drive, among which are recent University of Guyana graduates.
Speaking at the recent Building Expo, he noted that since the government’s negotiation for the reduction of interest rates on mortgages, there has been an increase in housing loan applications.
“As a result of that initiative, we have more than 350 new small contractors that are building those homes, new small contractors that would have entered the system that are now building those homes and owning their own businesses. Many of them, young graduates from the University of Guyana. More than 350 new small contracting businesses created alone as a result of this housing policy and housing drive. And if you multiply that, by a minimum of five, you will understand implication for labour only in the home construction. That is 2,000 homes the minister is talking about”, he said.
Minister of Housing and Water, Collin Croal, had stated that the government is expecting continuous growth from the construction sector since in 2021, it grew by approximately 30%, and about 27% in 2022. He said that by the end of this year, the total number of house lots allocated since 2020 will be over 40,000.
“If you look at the construction sector, in 2021 it grew by about 30%. In 2022 it grew close to 27% and we expect this growth to continue, but what I am particularly excited about is the private sector credit. Credit to the private sector continues to expand. [It was] 10.4% in 2021; 14.6% in 2022 and today [it is] 14.3%,” the President informed.
The government has allocated over $240 billion to the housing sector since it took office in 2020, while delivering over 35,000 house lots, it was stated.
