Borrow to build 18,000 houses

[NewsWhore]

The government plans to borrow funds from South America to build 18,000 housing units. The financing will come from the Andean Development Corporation (CAF) and the Colombian Export Bank (BanColdex), according to President Leonel Fernandez. Fernandez made the announcement during his address to the National Assembly on Saturday. The CAF had already announced the approval of an US$80 million loan for the Dominican Republic urban and Housing Development Program. The CAF funds will make up 64% of the money needed to complete the plan whose total cost is estimated at US$124 million. The loan will be used to cover direct costs such as construction of housing and social infrastructure, the execution of the Social and Environmental Management Plan and external supervision, according to CAF sources.

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