Agreement to Build Low-Cost Housing in Nicaragua
At least 3 Nicaraguan banks obtained a loan of $10 million each from the INSS to finance low-income housing projects.
Friday, May 15, 2009
The president of the Association of Private Banks of Nicaragua (ASOBANP), Arturo Arana, told Prensa.com that the agreement with the Nicaraguan Social Security Institute (INSS) “had already been approved and 'I think that several banks already have it. They are going to finance low-income housing with Social Security funds'."
BCIE and IDB funds will finance the "Casa para Todos" (Housing for Everyone) program.
The funds loaned by IDB, will be administered by the National Fund of Social Housing, and will enlarge the lines of credit micro finance institutions.
The National Housing Plan is paying off, and the Chamber of Developers and the government is working to make banks more flexible with credit for urban social interest projects.
The International Finance Corporation has granted a loan to Banco General de Panama so that it can offer more mortgages to low-income families.
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