CREDIT BANK REQUIRES KD16 BILLION TO FUND 'HOUSING LOANS'

  • 01/02/2022

Kuwait City: Salah Al- Mudhaf, the Credit Bank's Director-General, stated that the bank, which is responsible for lending money to citizens to build and renovate their homes, requires 16 billion dinars (52.8 billion dollars) to finance housing loans until 2035, and called for a review of Kuwait's housing philosophy "to provide sustainable solutions." "The current scenario is not stable," Al-Mudhaf said in an interview with Reuters. There is no stability, and (the bank) will not be able to continue to issue loans in this manner in the long run. To produce sustainable alternatives, the housing ideology must be revisited."


With the increase in the number of citizens, the number of housing requests has risen to around 100,000, implying that 100,000 Kuwaiti families are still waiting for suitable housing, with waiting lists stretching for more than 17 years due to the state's inability to meet all of these requests due to a lack of financial liquidity. "But in Kuwait, everyone takes it, whether it is from low-income, middle-income, or high-income people," Al-Mudhaf said, "while in neighbouring countries, governments are pleased with supporting people with limited income and providing them with the right to seek housing."

He went on to say that rethinking the housing concept necessitates a research to establish who is eligible for state-provided housing, as this step will save the state a lot of money. He stated that the government must work with the National Assembly to review its housing ideology, as well as "prepare" citizens to accept it, as long as the process is slow.

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