Over $240B allocated to housing sector in four years – President Ali

Since the PPP/C Government assumed office in August 2020, the housing sector has seen an overall investment of over $240 billion, which has spurred massive development.

President Dr Mohamed Irfaan Ali made this revelation at the Opening of the International Building Exposition 2024, on Thursday evening at the National Stadium, Providence.

“The investments in the sector have resulted in the regularisation of housing settlements and delivery of over 35,000 house lots and close to 2,000 new homes. This has resulted in the construction of new four-lane highways,” the head of state said.

Also, tens of thousands of new kilometres of roads have been built, creating new opportunities to advance the development of Guyana and alleviating traffic congestion for thousands of commuters and residents.

Additionally, 128,000 Guyanese have benefitted from improved access to shelters, from the government’s house lot allocation exercise since 2020.

The total subsidies or wealth transferred to the beneficiaries of house lots is about $94 billion during the period.

The government also increased the mortgage relief from $15 million to $30 million, and now, close to 17,000 homeowners have benefitted at a total cost of more than $2.7 billion.

The administration also negotiated with local banking institutions to reduce mortgage interest rates by 2.5 per cent.

“These initiatives saw housing loans increase…Look at the results of this policy. We have seen an increase in housing loans by almost 20 per cent or $56 billion. These housing loans have the lowest default rate in the hemisphere,” President Ali underscored.

Meanwhile, the government has built 3,000 homes at a value exceeding $11 billion.  The wealth being transferred to the beneficiaries of these homes is about $2.5 billion.

The president added, “These are things that sometimes go unnoticed. These were the transformations that have taken place that sometimes we don’t put the right value on…And this is not only in one region, this is across every single region.”

Guyanese are also benefiting from employment opportunities, with the construction of these homes.

As a result of this undertaking, over 350 new, small contractors are constructing and have been working to enhance their livelihoods. 

Due to carefully articulated policies, the construction sector grew by 30 per cent in 2021 and about 27 per cent in 2022.

“We have exceeded our expectations. But we are not stopping there. We are launching a new innovative project that is called the Homestead programme at the Soesdyke-Linden Highway. Before the end of this year, we want to build the fastest community in the history of our country, and the history of this hemisphere,” the Guyanese leader posited.  

Meanwhile, the expo is a premier event focused on showcasing the latest innovations and trends in the housing and construction industries.

The event, scheduled from August 8-11, was launched in June under the theme ‘Building on the Foundation of Sustainability and Unity.’

Minister of Housing and Water, Collin Croal; Minister within the Ministry of Housing and Water, Susan Rodrigues, and Chairman of the Private Sector Commission (PSC), Komal Singh also spoke at the event.

Prime Minister, Brigadier (Ret’d) Mark Phillips; First Lady, Arya Ali; government ministers, members from the diplomatic corps; private sector, and other organisations were also present at the ceremony.