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DFC GM explains that SSB’s Loan Offer is not yet a done deal

The Social Security Board’s investment arm has proposed to lend 20 million dollars to the Development Finance Corporation. The idea is that with this money, there would be a mortgage program, residential expansion/improvement, real estate, infrastructure and refinancing. For now, it’s only a proposal but DFC’s General Manager, Natalie Ewing-Goff explains this is not the first time the corporation has drawn down on offers from the SSB. Ewing-Goff explained that in these cases, parliamentary approval is sought. 

Natalie Ewing-Goff, General Manager, DFC: “This would probably be our tenth line from the Social Security Board, and this relationship has been going on from the 1980s. I would tell you it’s well over a hundred million that we’ve gotten from SSB over the years. The guest interview we didn’t prepare for as such, but I would say that this is at least the tenth line that we have gotten from SSB. The society is aware of what is going on, and so I don’t think that has always happened. That was part of the revised regulations maybe after 2008 that had been instituted. And on DFC’s side, this loan has to go to parliament for approval. So, again it will be in the media when it goes to parliament for approval. So, SSB has released its approval of a loan offer to DFC. That load offer now, we cannot access any funding unless it’s approved by parliament.”