The Nicaraguan Social Security Institute will use the money to build 4.800 social housing units.
A group of banks will administer the loans, which will charge interest rates of 8%. They are "Banco de la Producción" (Banpro), "Banco de Finanzas", "Banco de Crédito Centroamericano" (Bancentro) and "Banco de América Central".
Ricardo López, executive director at the Nicaraguan Social Security Institute (INSS), explained the units benefit from "preferential conditions not seen before in the country", adding that the homes will be approved by the Housing Institute (Invur). Each house will not cost more than $30.000", reported Elnuevodiario.com.ni.