The Social Security Board (SSB) is proposing to provide the Development Finance Corporation (DFC) with a 20 million dollar loan. This week the SSB issued a public notice informing beneficiaries that through its Investment Framework it would be granting a loan to DFC. According to SSB, the loan will be used for the DFC for a mortgage program, residential expansion/ real estate, and refinancing. SSB’s CEO, Deborah Ruiz, explained that the loan is a part of SSB’s objective to invest excess monies to ensure it has sufficient funds to keep up with pension payments.
If approved the loan will be disbursed to the DFC in four-five million dollar tranches over two years. CEO Ruiz elaborated on how the interest payments will be made and why the board saw it fit to approve the loan.
Ruiz added that the SSB has strict loan portfolio guidelines that will require the DFC to provide all necessary financial reports during the loan period.