Housing sector $3.3B loan… Irfaan Ali cites need for infrastructure development
former Minister Irfaan Ali
former Minister Irfaan Ali

FORMER Housing Minister Irfaan Ali Thursday sought to explain why the housing sector was seeking a $3.3B loan when it already had some $8.8B.Speaking at a Freedom House press conference, he said: “The mere transfer of land or purchase of land does not translate into house lot allocation or does not translate into housing development. You have to have development of the infrastructure, development of the fiscal assets required. So the $3B was for the acquisition of land but when that land would have been acquired, the loan would have had to be repaid by the CH&PA (Central Housing and Planning Authority).”
To repay that loan, Ali said, they would have had to immediately move into infrastructure development to bring the land into a state that they could have allocation or start building so that they could have started to receive revenue to service the loan.
“If you deduct the cost of infrastructure to develop that land that we’ve acquired, you would see that resources would have had to come from CH&PA Fund. We also have ongoing infrastructure. A lot of the resources held there are already earmarked for future development and for the completion of infrastructure upgrade in various communities,” he said.

 

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