Over $6 million dollars have been disbursed out of the $15 million housing loan Palau received from Republic of China (Taiwan) according to Minister Baklai Temengil-Chilton of the Palau Housing Commission.
One hundred and ten (110) homes have been built so far with 66 in the pipeline at National Development Bank of Palau and Palau Housing Authority. These projects in the pipeline will exceed the remaining loan by $2 million dollars. In addition, the planned subdivisions and homes are expected to cost $16 million dollars.
Asked whether these number of homes are adequate to address Palau’s housing needs, Chilton said that there are still inquiries and requests pending for homes.
President Remengesau stated that Palau have not reached the housing saturation point and that Palau can ask Taiwan for additional loan to cover the housing projects not covered by existing funds.
Taiwan government had extended the grace period for the payment of these loans, both principal and interest to 3 years.
“The process had taught us a lot, the challenges that we did not anticipate but found out through the process of implementing the housing project,” stated Minister Chilton. “Because of all that we have learned, it makes the next step easier.”
In addition to individual housing, there are five housing subdivisions in the planning with Airai and Melekeok State being worked on at the moment.
Over $6M housing loans issued
