More than 10,000 Nicaraguan families have decent housing with CABEI's support

Managua, December 20, 2021 - A total of 10,454 housing solutions for Nicaraguan families in vulnerable conditions have been built to date with the implementation of 95% of the Social Interest Housing Construction and Improvement Program financed by the Central American Bank for Economic Integration (CABEI).

Amilcar Ramos, one of the beneficiaries said that “having a house is a dream come true; we spent many years renting.  This is a very good initiative; it is a great benefit for all of us Nicaraguans. In addition, the process to acquire housing was quite fast".

The goal is to build 11,025 homes, of which 9,632 will be new and 822 improved.  To date, 4,611 new homes have been built for families with minimum wages through a partnership with the private sector; 4,522 new homes for families living in extreme poverty; 499 new homes on their own lots for families with minimum wages through a partnership with municipalities nationwide; while 822 homes have been improved.

This initiative has also managed to relocate and provide basic services to low-income families living in areas at risk from natural hazards and with legal security, and is financed by CABEI for US$55.0 million.

The program is being implemented by the Nicaraguan Urban and Rural Housing Institute (INVUR), with the participation of private sector housing developers and builders, as well as banking institutions.

"As a development bank, we are proud to support initiatives that benefit thousands of Nicaraguans with decent homes, thus contributing to their social development and quality of life, while contributing to the country's economy by generating direct and indirect employment," said CABEI Executive President Dr. Dante Mossi.

Tangible benefits

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

The commercial manager of the Praderas de Sandino and Altos de Motastepe housing developments in Managua, Virgilio Noguera, indicated that, together, these projects financed with CABEI funds total 3,174 homes, of which 2,236 have been completed.

"Thanks to this effort, many Nicaraguan families who do not have the possibility of acquiring a home have been able to fulfill their dream, because the financial conditions are very attractive and accessible," he highlighted.

In addition to this initiative, actions are advancing for the implementation of the National Program for the Construction of Social Interest Housing approved in 2020 for US$171.65 million, which is expected to benefit 7,000 families in conditions of extreme poverty under a subsidy scheme and 11,660 families with low or moderate income under a scheme also of subsidies and credits, administered through one or several bank trusts funds.

Meanwhile, the families identified as living in extreme poverty are located in 55 municipalities in the departments of Boaco, Chontales, Jinotega, Madriz, Matagalpa, Nueva Segovia, Río San Juan and the Caribbean Coast.

Thus, in line with its Institutional Strategy 2020-2024, CABEI responds to the need to promote access to social housing for segments of underprivileged population that are  or have limited resources and have difficulty obtaining it.