Antigua and Barbuda: The Cabinet has approved the Home Improvement Loan Programme in order to get prepared for the upcoming hurricane season on Friday, March 25, 2022. Antigua ad Barbuda to launch the programme to assist persons desirous of effecting repairs and other improvements to their homes.
The new programme named Home Improvement Loan Programme has outlined various provisions which will help the people in any type of situation.
The Cabinet has outlined various measures and methods, and procedures o apply for the programme and stated:
- Under this new programme, homeowners can apply for loans of up to $25,000 at a very low-interest rate of four per cent (4%).
- Further, there will also be a revolving fund that will be managed by the Ministry of Housing.
- Under the revolving fund to be managed by the Ministry of Housing, unsecured loans will be given a maximum time of 7 to 10 years to be repaid, and the proceeds will be ploughed back into the programme to assist others.
- Persons from both the private and public sectors are eligible to apply to the programme that the government will capitalize to the tune of $5 million.
Further, a company that is responsible for the investment in media, education, hospitality, and real estate has also presented a proposal to the Cabinet of Antigua and Barbuda.
The proposal was based on the construction of a medical school at Willoughby Bay in Antigua and Barbuda.
The company in the Cabinet of Antigua and Barbuda have presented various key factors of the proposal which will help the community living nearby the Bay.
The company stated:
- The company proposed to construct a campus town in the area, inclusive of a hotel, marina, and an 18-hole championship golf course.
- In addition, the company is ready to begin investing immediately and has agreed to place US$5 million in escrow to start the project.
The company further emphasized that the construction of the medical school on the island will attract te students from various countries, especially from India, China. Africa and Europe. Further, the University will forge linkages and partnerships with existing institutions in Antigua and Barbuda.
