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WDAS NEWS : Monday November 9, 2009, 7:56 am EST
World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary Anav Holdings Corporation in conjunction with its Ecuadorian housing partner Premier Developments is pleased to announce that Banco Del Pacifico of Ecuador will receive $200 million to lend to first time Ecuadorian home buyers.
The Ecuadorian government has earmarked $200 million to Banco del Pacifico for this purpose. The proposal is part of a government incentive scheme announced last week to boost construction and provide the middle class easy access to housing loans conditional for first time home buyers.
Gonzalo Vivero, Executive Vice president of the Banco Del Pacifico, estimated, "That these loans could benefit close to five thousand people who would be allowed to access housing credits throughout next year." He added, "An additional 200 million dollars would also be placed in the Ecuadorian Housing Bank to make loans to builders with an annual interest of 5%.
WDAS had announced on Oct 22, 2009 that its subsidiary Anav Holdings Corporation signed a proposal to enter into a purchase agreement for an 8.5% participating interest in a 15 hectare private housing community located at one of the leading ports in Latin America with Premier Developments. The project's first phase is in full production and has already sold 20% of the 207 homes. The entire project including phase two will be an estimated 500 home development.
Jonathan B. Morgan, President of WDAS, stated, "Having first time home buyers and builders in Ecuador able to access credit like this will allow for many more developments like Nuevos Horizantes to take place and we intend to be involved in many new housing developments in Ecuador." Visit http://www.greenarrowstock.com to visit the WDAS message board.
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