Low interest loans to upgrade homes for hurricane resistance

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The government will use U.S. $2 million to set up a low interest loan revolving fund to better upgrade homes for future hurricanes.
Ambassador Diann Black-Layne, advisor to the Department of the Environment, in making the disclosure on OBSEVER AM yesterday, said: “What you’re going to see this year is more and more homes being renovated.  Regardless of your income level, be it high or low, you will be qualified for a loan.”
Black-Layne, who is an advisor to the co-chair of the Green Climate Change Fund Board, said the decision to initiate the proposed project was made at the first meeting for 2018 of the Green Climate Change Fund Board, held recently in South Korea.
The meeting concluded on March 1, after approving 23 projects valued at over a billion U.S. dollars.
Adding that the interest rate of the loan acquired under the project will be two percent, Black-Layne pointed out that the project will be financed by the Green Climate Fund, while the Department of the Environment will make detailed decisions on the fund’s behalf.
She said that the Green Climate Fund Board wants to see that the project is managed openly and transparently.
“The Green Climate Fund was set up four or five years ago to provide developing countries with financing to cope with the impacts of climate change,” Black-Layne said.
According to Black-Layne, the money comes from developed countries and is a part of the enhanced direct access project, valued at $U.S. $20 million distributed among three islands.
Black-Layne said that first responders, the police, gender and social aspects will also be focused on within these projects. Part of the funds will go toward the Cashew Hill waterway upgrade and for grants to non-governmental charitable organisations. 

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