The Government of Saint Lucia has secured a loan facility of US$20 million (EC$53.8 million) from the Export-Import Bank of the Republic of China (Taiwan) (Eximbank) to expand access to affordable housing and strengthen essential community infrastructure.
This facility will be channeled through the Saint Lucia Development Bank (SLDB) to empower low- to medium-income Saint Lucians to build or improve their homes.
It will also finance vital housing infrastructure projects such as solar PV systems, drainage upgrades, and water-storage tanks, ensuring that new developments are modern, climate-resilient, and sustainable.
The US$20 million Eximbank facility builds on a series of significant housing initiatives already in action:
– The $54 million NIC-Guaranteed SLDB Housing Loan Facility, approved by Parliament on September 10, 2024, is now operational. It offers eligible public servants 100% loan financing, a $1,000 grant for legal fees, and a stamp-duty waiver on the first $400,000 of residential loans. Qualified private-sector borrowers also enjoy the waiver.
– The $10 million National Housing Project is actively improving living conditions and upgrading community housing infrastructure.
– NIPRO has commenced infrastructural works aimed at delivering at least 200 affordable homes and lots.
– The reinstated $2 million Distress Fund provides crucial assistance to families affected by fires and natural disasters.
– The removal of VAT on select building materials—such as cement, lumber, and galvanized steel—is effectively lowering construction and renovation costs.
– The Talvern Housing Development Project is completed, with all lots sold, enabling numerous Saint Lucian families to become homeowners.
– CIP-financed developments at Rock Hall and Belvedere are currently under construction.
These measures directly tackle long-standing challenges in the housing sector, including barriers to financing, the shortage of affordable homes, and the pressing need for more climate-resilient housing and stronger infrastructure, as well as meaningful tax relief.
Through strategic financing, targeted investment, and practical social support, the Government of Saint Lucia is decisively removing obstacles that have prevented many families from owning homes and is establishing a robust housing framework that delivers tangible, lasting results.