NBV’s 100th ‘Isi Haos’ milestone
February 6, 2024 10:54 pm | Posted in Business News | Share now TwitterFacebook
Expanding services and affordability to families in rural areas are at the forefront of National Bank of Vanuatu’s (NBV) commitment to helping the people.
“Our message to the engineers is ‘design a house that can withstand cyclones, earthquakes and volcanic ash falls’,” Managing Director and Chief Executive Officer (CEO), John Aruhuri, reflected during NBV’s 100th ‘Isi Haos’ launching in Luganville, Santo.
“They have to be cheap enough for people in our rural areas to afford. This is the key, we cannot relate rural housing to urban housing because they are different classes and cost wise they are also different. Design something affordable for the Ni-Vanuatu people to benefit from.”
It is no secret Vanuatu is the world’s most at-risk country for natural hazards, it faces destructive cyclones, earthquakes and volcanic eruptions every year.
Every time a disaster strikes, many people search for shelter. But for 100 individuals and their families, safe and secure housing is now no longer a big worry, thanks to NBV’s ‘Isi Haos’ product.
The Minister responsible for the Ministry of Finance and Economic Management (MoFEM), John Salong, emphasised that in the past, building a house on land that was not leased was very difficult. However, Friday February 2, 2024 marked a breakthrough with 100 houses constructed on both custom and registered land.
“Vanuatu’s future is in good hands,” he reiterated. “I repeat, the nation’s future is in good hands when you witness improved housing being constructed.
“When children grow up knowing that their standard of living will surpass that of their parents, it’s a positive development. Improved housing and infrastructure offer hope and opportunities for our next generation to lead better lives than us.”
Finance Minister Salong made the remark before officially handing over NBV’s 100th ‘Isi Haos’ home on Santo.
He acknowledged Mr. Paul Kaun, Chairman of the NBV Board of Directors, and CEO Aruhuri, Qualao Consulting Limited (Ltd), the builders, NBV staff, suppliers, and everyone involved who contributed to the breakthrough in reaching previously inaccessible areas.
“Santo, known as the Land of the Holy Spirit, is abundantly blessed, and it is only fitting that the first Isi Haos was launched here, and now the 100th ‘Isi Haos’,” he said.
“Through rural banking, this product was launched with NBV’s ingenuity. The progress we witness today is a result of the implementation of the Personal Properties Securities Act established in 2008.
“This Act enables individuals to not rely on leased land as an asset for unwinding a loan or as collateral or security. It allows leveraging the improvement of lives through housing to agriculture loans or any other loan facilities.
“Despite the enactment of this Act, not many institutions were eager to adopt it due to fear. However, we thank God that NBV had faith in Ni-Vanuatu people and took the risk to build trust and work together to continuously improve the lives of the people, especially in the face of disasters, as Category 5 disasters have become normal in Vanuatu.
“NBV’s ‘Isi Haos’ product fits in a system aimed at ensuring that financial institutions can reach every individual in Vanuatu.
“It involves providing financial education from Torres to Aneityum, ensuring that we have comprehensive information on the activities of businesses and households. This enables us to minimise risks, manage interest rates, and ensure that access to finance is available to all who can leverage their properties and assets to enhance their lives.
“I am privileged to be here to witness the handover of the 98th, 99th and 100th ‘Isi Haos’ homes.”
Mrs. Ruth Seketa, an enterprising entrepreneur who has ventured into pig farming is the proud owner of NBV’s 100th ‘Isi Haos’ building at Showground.
Less than 30 minutes before that, Mr. Christion Vutinamoli and his family also smiled with happiness when their new home at Banban Whitewood was officially unveiled as the 99th ‘Isi Haos’ home by the Finance Minister.
Mr. John Poporo, a kava farmer is the pleased owner of the 98th Isi Haos building at Banban that was unveiled and had its ribbon cut and keys handed over by Mr. Kaun, Chairman of the NBV Board of Directors.
NBV’s Isi Haos project is a nation-wide initiative introduced in 2020 to provide safe and secure housing for Ni-Vanuatu citizens throughout the country during times of natural disasters.
Buildings have been designed by Qualao Consulting Ltd and Ni-Vanuatu Civil Engineers to withstand major natural disaster events.
Prior to the recent handing over, more than 96 houses have been handed over to their owners in Santo, Efate, Malekula, Tanna, Pentecost and Ambae.
Over 100 are at various stages of construction in the islands and more than 100 are yet to start.
