Government Backs NIC’s $20 million Loan To SLDB

During Tuesday’s Sitting of the House of Assembly, Prime Minister and Minister of Finance Philip J Pierre presented a motion detailing the intent of the National Insurance Cooperation(NIC) to loan $20 million to the Saint Lucia Development Bank (SLDB). The money would go towards the Housing and Productive sectors. The Prime Minister reiterated that the Saint Lucian government is not taking on a loan but would guarantee the loan in a gesture of support. Parliament agreed to authorise the loan guarantee. SLDB would borrow with the following stipulations: 1) the loan be paid back over 20 years, starting three years after the first disbursement of the loan or on a later date if the bank decides, 2) Repayments be made every three months after the three-year grace period, and 3) the interest rate be 3% per year on the amount that is given out and remaining to be repaid. According to the Prime Minister, the government’s desire to support this financial agreement between the NIC and SLDB is due to the housing opportunities this could create for Saint Lucians. He shared, “The XCD 20, 000, 000 will be used for affordable housing initiatives, to finance land purchases, and the development...