The Philip J. Pierre Administration is taking another step toward making home ownership more accessible for Saint Lucians through a US$20 million loan secured from the Export-Import Bank of the Republic of China (Taiwan). The funds will be channelled through the Saint Lucia Development Bank (SLDB) to support affordable housing and related infrastructure improvements for low- and middle-income households.
Prime Minister Philip J. Pierre confirmed the agreement during his November 3 pre-Cabinet press briefing, noting that all negotiations and conditions of the facility have been finalized. “We’ve completed that arrangement,” the Prime Minister disclosed to reporters Monday. “There was concern about the spread of the interest rate, and we have completed that. All terms and conditions of the loan from the Taiwanese government to the Saint Lucia Development Bank have been agreed to.”
Pierre explained that once the final signing is complete, eligible Saint Lucians will be able to access funding through SLDB to build or purchase homes. “Very soon, the prospective homeowners of Saint Lucia will have access to US$20 million through on-lending from the Saint Lucia Development Bank,” he stated.
The government has also introduced a series of fiscal incentives to encourage home construction and reduce costs for new homeowners. These include the waiver of stamp duty on mortgages valued at EC$400,000 or less and the removal of VAT on building materials.
Pierre emphasized that public sector workers are among those expected to benefit from the initiative. However, the government has not yet provided a specific timeline for when the funds will become available to borrowers.
The new loan agreement marks another milestone in the continued partnership between Saint Lucia and Taiwan, which has long supported the island’s development in areas such as housing, education, and infrastructure.
