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 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'."

Additionally, the banking sector is awaiting a response from the Inter-American Development Bank (IDB) on a $190 million line of credit to finance the country's production. They hope to have an answer in two or three weeks.

More on this topic

Mortgage Credit Growing in Nicaragua

March 2012

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.

Employers and the government are moving towards common positions regarding measures that could ease mortgage lending for low-income families (less than $521 per month) and the construction of affordable housing.

El Salvador: $ 140 Million for Housing

November 2010

BCIE and IDB funds will finance the "Casa para Todos" (Housing for Everyone) program.

The $ 70 million Inter-American Development Bank loan will go to build 6.373 homes for low-income families, of which 2.000 would be ready by March 2011.

The credit of the Central American Bank for Economic Integration (BCIE), of also $ 70 million, "will be implemented by the National Housing Fund (FONAVIPO), which will bid the affordable housing projects to developers," reported.

$7 Million for Housing in El Salvador

August 2009

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.

Low income families will be able to access these credits to finance their homes or lots, upgrade their residences or home building.

Financial crisis starting to affect Nicaraguan Banking

December 2008

The effects are already visible, there is a strong reduction in the credit for housing and vehicles, as well as a restriction of credit cards.

This was confirmed by representatives of the sector, after participating in presentation of the fourth report on the economic situation by the Nicaraguan Foundation for Economic and Social Development, Funides.

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