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Housing Project (Second Phase)
A loan agreement for KD 50 Million was signed in the State of Kuwait on the 25th of April 2019 to help finance a Housing Project (Second Phase). The loan agreement was signed by H.E. Engineer Nabil Adnan Al-Jisser, President for the Council for Development and Reconstruction, on behalf of the Lebanese Government, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, on behalf of the Fund.
The project, which expected to be completed by the end of 2020, aims at contributing to the reduction in the severity of the housing crisis, and meeting the needs of low and middle-income citizens for adequate housing, which will enable them to improve their living conditions and social situation. This will be accomplished through the provision of concessional loans to the above-mentioned citizens, the proceeds of which to be applied towards the purchase or construction of housing units.
The project includes the following main components:
- Loans to Low-Income Citizens.
- Loans to Middle-Income Citizens.
The loan will carry interest at 2.5% per annum and will be repayable over 30 years, including a 5 year grace period.
Banque Du Liban will administer the loan and supervise the implementation of the project. It will place the proceeds of the loan with the Housing Bank, allowing it to provide housing loans to citizens.
With the signing of the loan, the Arab Fund’s total contribution to financing projects in the Republic of Lebanon now amounts to KD 595 Million.
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