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Loan Facility at AID Bank for Portsmouth Property Owners

A new loan facility has been established at the AID Bank to assist property owners and other business people who operated at the former Ross University in Picard.

Tourism Minister Robert Tonge, who represented the Prime Minister at the 26th annual general meeting of the Bank on Wednesday made the announcement.

“The Government has made special arrangements,” Tonge said, “for those who borrowed and provide services to support Ross University School of medicine at the AID Bank”.

Tonge explained terms under which loans are available. They are as follows:

  1. 2% interest rate on a reducing balance
  2. Repayment of 4 (four) years inclusive of 1 (one) year grace period on the interest and principle.
  3. A combination to property owners of 50% loan and 50% grant, to meet their loan obligations which accrue for the period October 2017 – December 2019.

“Government wants to ensure that the properties in Portsmouth are in a good condition,” the Minister added, “to welcome the replacement of Ross University School of Medicine”.

Tonge said the new school is due to begin operations by September 2019.

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