…looks forward to continuing important partnership
PRESIDENT Donald Ramotar yesterday recognised the role of the New Building Society Limited (NBS) in supporting the housing drive.
And as government’s housing programme progresses, it looks forward to the NBS continuing to be an important partner.
He was speaking at the official opening of the spanking new chief office building of NBS at 1 North Road and Avenue of the Republic, in the heart of the capital city of Georgetown.
Delivering the feature address at the opening, President Donald Ramotar said, “I am, indeed, very happy to be here this afternoon to be part of the opening ceremony of this beautiful building and the new home of the New Building Society”.
He congratulated the Board of Directors for the decision to undertake the construction of the building which, he noted, will not only enhance downtown Georgetown, but will allow NBS to better accommodate its staff and meet the growing demands for its services.
“The move from the former modest location on the Avenue of the Republic to this much larger and more modern facility was a natural progression, considering the growth of the country’s housing market over the past 20 years or so, and the concomitant demand for more housing loans,” he stated.
The NBS, he observed, has been in the forefront of providing home loans, and has a solid history of achievements rising from a small building society to being one of the foremost loan agencies for borrowers today.
The Head of State said the astute leadership of the immediate past Chairman, Dr Nanda Gopaul, and the increase in demand for loans because of the government’s housing drive are two factors that contributed to the NBS success story.
The housing drive has seen the regularization of some 70,000 lots with homes being constructed and renovated on most of these lots.
“The effects have been dramatic”, President Ramotar said, and the housing drive has transformed the physical landscape of the country, with large new housing settlements which have led to significant population shifts.
“So large are some of these new schemes that a decision was taken to eventually upgrade some of them to the status of secondary towns,” he said, and this alone speaks of the expansive nature of the country’s housing drive.
“The housing drive has been one of the foundational policies of the PPP/Civic Government from its very inception, and in turn, has spawned a growing demand for home loans from the commercial banks and from the NBS as well,” he told the gathering.
In this market, he insisted, the society has carved its own niche, and has long been the source of financial capital for small borrowers; and in the face of a deluge of applications for housing loans, “was able to muster the organisational and managerial capacity to respond to this increase demand”.
“Today, it is a market leader in the provision of loans that has allowed tens of thousands of Guyanese to finally realise their dream of owning their own homes for the first time,” he declared.
Ramotar said in recognition of this role in supporting the national housing drive and in order to allow the society to be able to grant more loans to home owners, the government afforded NBS the same incentives provided to commercial banks for home owners.
“In this way, the NBS has been able to increase the value of its loan portfolio and the number of clients it serves. This was particularly beneficial to persons who are now afforded the opportunity to own their own homes for the first time,” he said.
He assured that his government will continue to make the dreams of the ordinary citizens a reality, and the housing drive will continue to grow and expand.
“As we progress with our housing programme, we look forward to the NBS continuing to be an important partner and stakeholder,” the President anticipated, and wished all success to the society.
Former President Bharrat Jagdeo, in his remarks, congratulated the leadership and staff of NBS on the acquisition of the building.
“I am sure that by now, you will all recognise that it is only through visionary leadership that such an achievement, not only in the acquisition of this building but the growth in the society itself, could have taken place,” he stated.
Adding, “The visionary leadership also had to be complemented by a characteristic that is vital in Guyana today, that is, the will to fight for what you believe in, and I know the assault that the society came under, particularly when they planned to expand the society and to take it out to rural communities and to change it to a more service oriented organisation”.
He said for the past several months, he has seen the valiant efforts of President Ramotar, as he “struggles to lead the country into continued progress in very difficult circumstances”.
Also delivering remarks were Minister of Finance Dr. Ashni Singh, and immediate past Chairman of NBS, Dr. Nanda Gopaul.
Among those present were ministers of the government; members of the private sector, including Chairman of the Private Sector Commission, Ramesh Dookhoo; and former Speaker of the National Assembly, Ralph Ramkarran.