Friday, June 30, 2006

ROSEAU, Dominica: The Government of Venezuela has agreed to grant Dominica $29.4 million for the construction of houses in Dominica. This offer of assistance from Venezuela follows a request made by Prime Minister, Roosevelt Skerrit to Venezuelan President Hugo Chavez.

The Venezuelan Government will make available $22 million as a grant, with the remaining $7 million as a loan on concessionary terms.

Speaking at a press conference Wednesday, Skerrit explained how the monies would be spent. “It is the Government’s intention, out of this $29 million, to put into the Government Housing Loans Board, an amount of $7 million that would go towards public servants who would like to own their own homes. Skerrit further explained that the idea is to allow public servants, like junior clerks, young police officers and newly appointed school teachers to borrow money at an interest rate of between 4 % and 5%.

The Prime Minister also announced that the $29 million would address the many social problems associated with housing in Dominica today. A taskforce has been put in place to advise Government on how best to deal with some of those housing problems. The private sector in Dominica is also being invited to assist the Government in the management of this project.

The announcement of this cash injection by Venezuela to aid housing development in Dominica is expected to complement the Government’s Squatter Regularization Programme, a programme that has seen over 120 families buy land at only $1 per square foot.

This latest initiative by Venezuela will help the Government of Dominica achieve its stated goal of constructing 500 houses by 2010.

It is expected that Dominica will receive the $29 million cheque from Venezuela when the Prime Minister meets with President Chavez at the end of August 2006.

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