Premier Amory says Social Security approves $60 Mil loan for housing development

(ZIZ News) — Premier of Nevis and Minister of Social Security the Hon. Vance Amory has said that the social security board has approved a loan to the government for housing development that is expected to stimulate economic growth in a wide range of areas.

He made the comments during Thursday evening’s “Discussions For Prosperity” town hall meeting held at the McKnight Community Centre.

“After meeting with the Social Security board members last week and presenting to them a request for a 50 million dollar loan to help with the development of housing in St. Kitts and a 10 million dollar loan for the development of housing in Nevis, it is now confirmed that those funds are now available and we shall see the draw down soon”, he said.

Premier Amory explained how the 60 million dollars’ in funds would benefit the people of St. Kitts and Nevis.

“Funds made available to the government of St. Kitts and the Nevis Island Administration for Housing development will do a number of things. It will enable the federal government through NHC to engage in the construction of a certain number of houses. It will also enable those businesses involved in the provision of building material to have active business and economic activity, Minister Amory explained.

The Senior Minister also said that he would like the public to know that Social Security is strong and will remain strong as long as it is well managed.