Habib: Lebanon to resume housing loans in dollars, supported by Arab Fund for Economic & Social Development

Habib: Lebanon to resume housing loans in dollars, supported by Arab Fund for Economic & Social Development

NNA- Chairman of the Board of Directors and General Manager of the “Banque de l'Habitat”, Antoine Habib, expected the resumption of real estate financing in dollars within a few months, following the completion of the legal and logistical arrangements for the start of the implementation of the provisions of the loan concluded with the “Arab Fund for Economic and Social Development”, at a value of 50 million Kuwaiti dinars, equivalent to approximately $160 million.

He said in a statement today: “The decision to stabilize the loan by the management of the fund, which takes Kuwait as its headquarters, allowed for a leeway amidst the forced cessation of credit and advance operations by commercial and investment banks in Lebanon due to the worsening monetary and financial crises since the fall of 2019 that caused an almost complete blockage of all financing operations.”

Habib indicated that "the bank's management has begun finalizing the procedural steps required to launch the package of housing loans in dollars, in coordination with the relevant ministries and institutions, and within a plan to resume granting long-term loans in dollars especially to those with low and medium incomes, with the aim of enabling them to own their own homes outside