New 'Home for Everyone' Projects

©image: Concrete Forms

With financing coming from the People's Housing Fund (Fonavipo) and the Social Housing Fund (FSV) the five new projects will provide 942 homes for which construction is expected to be completed by the end of 2011.

"President Funes explained that Fonavipo will be leading the works in which around $80 million will be invested, creating 45,000 new direct and indirect jobs in the construction sector, the one most seriously affected by the economic crisis," reports Elmundo.com.sv.

Source: elmundo.com.sv

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El Salvador’s government signs agreements with commercial banks to obtain short-term finance for the social housing project.

Tomás Chévez, president of the Social Home Fund (FSV), commented that the agreements had been signed with Banco Agrícola and HSBC.

Without revealing the size of the loans, he added that the funds from Banco Agrícola will go towards five housing projects while the HSBC loan will fund two.