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Bank of Guam, Palau ink home financing program
Palau President Tommy Remengesau Jr., seated left, shakes hands with Lou A. Leon Guerrero, Bank of Guam president, chief executive officer and board chair, after the signing ceremony.
Palau President Tommy Remengesau Jr., seated left, shakes hands with Lou A. Leon Guerrero, Bank of Guam president, chief executive officer and board chair, after the signing ceremony. HAGATNA, Guam—Bank of Guam, the National Development Bank of Palau, the Palau Housing Authority, and the Republic of Palau’s Minister of Finance signed the Belau Real Estate Financing Program on April 1, 2014, signifying the first and only private financial institution Real Estate Financing Program in Palau. The financing program was in the form of a memorandum of agreement entering into a public-private agreement for the first and only private institution residential real estate program in the Republic of Palau.
Lou A. Leon Guerrero, Bank of Guam president, board chair and chief executive officer, signed for the bank and President Tommy E. Remengesau Jr., signed for the Republic of Palau.
Designed to promote affordable home ownership for Palauans, the program provides from $30,000 to $100,000 for both first-time and non-first-time homeowners. First-time homeowners may include energy efficient appliances and furniture in the loan. Non-first-time homeowners may include energy efficient appliances in the loan.
“This first-ever program in Palau between public and private sectors emphasizes Bank of Guam’s traditions of providing improved standard of living and opportunity to the people of the regional island markets we serve,” said Leon Guerrero. “Both President Remengesau and I continue to work closely to improve the overall economic well being of Palau and the quality of life for its people. We thank President Remengesau and the community of Palau for their continued confidence and support of Bank of Guam as their financial partner.” (BOG)
