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Publish Date : 17-Mar-2017

The Government of Indonesia has been planning to initiate the phase one of distribution of a housing loan worth US$450 million received from the World Bank from mid-2017.

Director General (Housing Procurement) at the Public Works and Public Housing Ministry Syarif Burhanuddin has revealed that the settlement of the administrative part of the loan must be completed by next month.

There will be maximum allocation of $215 million of the overall loan to back the non-subsidized house segment, while another $215 million will help in subsidizing the mortgages for the low-income families. The rest of the money will support the deployment of experts for the project.

The Government will have to distribute the loan secured from the global donor over a four-year period.

Syarif disclosed, "So the whole loan will be disbursed by 2020 at the latest."

The Government of Indonesia has strategy to set up 30,000 to 40,000 houses this year and distribute funds of Rp 450 billion (US$33.6 million) in 2017.

Syarif added, "If not all of the houses can be built this year, they will be built next year."

Basuki Hadimuljono, the Minister for Public Works and Public Housing, has disclosed that the money can also be utilized to support people involved in the unorganized sector, which rules the labor market segment, so that access to housing can be facilitated to them.

The Indonesian Government plans to annually construct one million housing units.

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