St. Lucia secures US$20 million Taiwan-backed financing for affordable housing
Key Points(5)
- Lucia government has guaranteed a US$20 million financing facility aimed at expanding affordable housing and improving access to mortgages for low- and middle-income households.
- The agreement, valued at approximately EC$54 million, was signed between the St.
- Lucia Development Bank (SLDB) and Taiwan Eximbank during a ceremony at the bank’s headquarters on Tuesday.
- Prime Minister Philip J.
- Pierre described the deal as the largest housing investment in the country’s history.
The St. Lucia government has guaranteed a US$20 million financing facility aimed at expanding affordable housing and improving access to mortgages for low- and middle-income households.
The agreement, valued at approximately EC$54 million, was signed between the St. Lucia Development Bank (SLDB) and Taiwan Eximbank during a ceremony at the bank’s headquarters on Tuesday.
Prime Minister Philip J. Pierre described the deal as the largest housing investment in the country’s history.
“This investment of EC$54 million is the largest investment in housing in the history of this country,” Pierre said. “And for the first time, the government is guaranteeing, for a bank, a substantial investment, EC$54 million, with the support of a foreign financial institution, which is the EXIM Bank of Taiwan.”
The financing is expected to expand access to long-term mortgages at more affordable rates, particularly for first-time homeowners and people who have traditionally struggled to qualify for loans from conventional financial institutions.
Pierre said St. Lucia continues to face a significant shortage of affordable housing, stressing that the government’s focus is on making homeownership attainable for more residents.
“There is a housing deficit in this country, and that is [an] understatement,” he said.
The prime minister also drew a distinction between affordable and “low-cost” housing, arguing that the priority should be giving people with limited incomes greater access to financing.
“Affordable housing means that people in the population who do not have the wherewithal or do not have the income to deal with traditional financial institutions have the ability to borrow,” Pierre said.
The financing agreement comes as the government pursues several projects intended to increase the country's housing stock.
The National Housing Corporation is constructing multi-family condominium-style residences at Talvern, while the Rockhall Housing Project is expected to be completed within six months. Another housing development is being planned for Choc, Castries.
The government is also pursuing a land rationalization programme through the ministries responsible for housing and physical development to make government-owned land available for residential construction.
Other initiatives include the National Site and Service Program, which provides serviced residential lots at affordable prices, and the National Housing Assistance Program, which targets housing deficiencies among low-income and indigent households.
Invest St. Lucia has also partnered with a regional real estate developer on a 10-acre housing development in Belvedere, Canaries, and discussions are underway for a similar condominium-style project in La Fargue, Choiseul.
Housing has become a major focus for the SLDB, which approved approximately EC$11.5 million in concessionary housing financing in 2025 to support homeownership and home improvements for lower- and middle-income households.
The latest credit facility is expected to significantly increase the bank’s capacity to finance housing and help address persistent supply and affordability challenges.
Tuesday’s signing formally brought together the Government of St. Lucia, SLDB and Taiwan Eximbank under the financing arrangement.
