Kuwait Credit Bank helps finance, develop real-estate sector

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KCB partnership aims to ensure everyone has access to housing

KUWAIT CITY, Sept 8: The Kuwait Credit Bank (KCB) affirmed that it is a partner in implementing the third development plan of 2020/2025 for finding sustainable alternatives to the current housing system in order to ensure that everyone has access to housing under the “Construction of Coherent Infrastructure” program to achieve the New Kuwait vision, reports Aljarida daily. In a press statement, the bank stressed that this process includes real-estate financing and real estate development, as they complement each other.

Solutions
It said, “The need to find sustainable solutions lies in the steady acceleration of distributions by the Public Authority for Housing Welfare (PAHW), as the number of housing plots delivered by PAHW reached about 100,000 between 1965 and 2014, i.e. an average of 1,500 to 2,000 housing units”. The bank indicated that, according to the PAHW plan, the total number of government plots in the residential cities of Al-Mutlaa, South Abdullah Al-Mubarak, Sabah Al-Ahmad and South Saad Al-Abdullah will exceed 80,000 within a very short period, as the annual average will be 12,000 government plots. It stressed that it is continuing with the current approach to real estate financing, amid the acceleration of housing unit distributions, which will put pressure on the level of the comprehensive real estate financing system. The bank revealed that it began to face its financial deficit in 2021, which is expected to increase to reach an amount between KD 15 billion and KD 16 billion by 2035.

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