CABEI contributes to Nicaragua's dynamic economic activity with housing program

12/05/2022

To date, this initiative has benefited more than 11,000 Nicaraguan families.

Managua, May 9th, 2022.- The Social Interest Housing Construction and Improvement Program, financed by the Central American Bank for Economic Integration (CABEI) in Nicaragua, benefits more than 11,000 families living in extreme poverty and those with incomes between 1 and 7 minimum wages, is close to being concluded. This initiative is implemented under a scheme of subsidies and loans administered by private bank trusts.

The impact and direct benefit that families receive by acquiring a safe and dignified roof over their heads was confirmed by CABEI representatives during a visit to six housing complexes and projects located in the main areas where the Program is implemented in the country.

"As the Central Americans' Bank, we are very pleased that this initiative is achieving its objectives and in this sense, we can say that we have surpassed our projection with the execution of this Program in Nicaragua, since, at the end of 2021, we have registered a physical progress of 11,025 new and improved homes, which represents 100% of the goal; while the actual execution to date amounts to 13,067 new, improved and under execution homes, equivalent to 118.5%," said CABEI Executive President, Dr. Dante Mossi.

The houses built have a minimum area of 36.0 square meters, a living room, dining room, kitchen, two bedrooms, bathroom and plumbing system, in addition to environmental permits in order to ensure that their sustainability is in line with the country's current environmental regulations.

Recently, Mrs. Gloria Elena Benavides received her house in the Villa Jerusalén housing complex and commented that "this experience represents a big change because six months ago we moved into our house and we have been gradually improving the surroundings of the house, I also believe that CABEI's support is important because it is giving us families opportunities to grow and move forward."

CABEI provided US$55.0 million in financing for the implementation of this initiative, which contributes to the dynamism of the country's economic activity and is executed by the Nicaraguan Urban and Rural Housing Institute (INVUR), with the participation of private sector housing developers and builders and banking institutions.

With CABEI's support in Nicaragua, the National Program for the Construction of Social Interest Housing, approved in 2020 for US$171.65 million, is expected to begin in the coming months. The program will benefit 7,000 families living in extreme poverty under a subsidy scheme and 11,660 families with low or moderate incomes under a subsidy and credit scheme, administered through one or more bank trusts.

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