Government authorities have confirmed a significant USD 20 million housing initiative in collaboration with the Taiwanese government, aimed at empowering local prospective homeowners.
During a media briefing on Monday, Prime Minister Philip J. Pierre emphasized that this venture will directly benefit public servants and private citizens, enabling them to secure ownership of land and property in the country.
“The funds will be disbursed through the Saint Lucia Development Bank (SLDB),” the Prime Minister stated unequivocally.
“We fully expect public servants to seize this opportunity, as we’ve set a $400,000 cap on any mortgage with no stamp duty, and we’ve eliminated VAT on building materials,” he added.
PM Pierre asserted that this initiative will create a robust incentive for housing and stimulate private sector engagement, leading to a significant housing boom in Saint Lucia.
To clarify the financing, he asserted that the USD 20 million represents a loan from Taiwan to the Saint Lucia Development Bank, guaranteed by the government.
“The bank will establish its criteria regarding the terms of borrowing,” he noted.
Additionally, PM Pierre announced the commencement of the Talvern Housing Project and confirmed that the Rock Hall Housing development is advancing, despite criticism from opposition forces.
“We have secured complete planning approval for the Rock Hall Housing Project, and the cabinet has endorsed it,” declared the MP for Castries East. “This project will proceed as a CIP initiative, with funding already secured through the CIP. We have approval for all sectors, and we will begin with one building in the near future.”
Moreover, the Prime Minister reported that the government has finalized an agreement to join CAF – Development Bank of Latin America and the Caribbean , enabling access to critical funding for Small Island Developing States (SIDs).
“Saint Lucia has been accepted by the CAF Board,” he confirmed.
“With our membership in CAF established, the next step is to present this initiative to parliament for endorsement, allowing Saint Lucia to fully engage with CAF and begin reaping its benefits,” PM Pierre asserted.
He highlighted one notable benefit of CAF: the allocation of grants to define projects and facilitate access to funding.
Additionally, he noted that in the event of a natural disaster, CAF’s response is immediate and effective. Reflecting on the recent devastation caused by Hurricane Melissa in Jamaica, PM Pierre stated, “We are deeply concerned and have reached out to the Jamaican government. Meanwhile, CAF has already mobilized resources to assist Jamaica. This illustrates the tangible advantages of our partnership with CAF.”
CAF, the Development Bank of Latin America and the Caribbean, based in Caracas, promotes sustainable development and regional integration by financing public and private sector projects and providing technical cooperation.
Established on February 7, 1968, and operational since June 1970, CAF consists of 23 countries from Latin America, the Caribbean, and Europe, along with 13 private banks. It is a key source of multilateral financing and a crucial knowledge generator for the region.