Gov’t give 600 Lethem residents $1M for home construction

President Irfaan Ali announced on Friday 600 residents in Lethem, Region 9  “with immediate effect will [be given] $1 million each” to construct their homes. The government said the Guyana Bank for Trade and Industry (GBTI) and the New Building Society (NBS) will finance the remaining cumulative $2 billion for the prospective homeowners at a rate of 3.5 per cent. According to a government’s release, the collateral-free gesture from the two outstanding financial institutions will see the 600 allottees repaying just about $14,000 per month.