Sunday , December 17 2017

MPs ready bill to increase housing loan – Move linked to cancelling subsidy

KUWAIT CITY, Nov 1: A number of MPs are preparing a draft law to increase the housing loan from KD 70,000 to KD 100,000 in return for cancelling the subsidy on the construction material, reports Al-Rai daily quoting reliable sources.

The same sources said the MPs who have adopted the draft law have already begun consultation with the concerned authorities including the Ministry of Commerce and Industry to obtain the necessary government support.

According to them this proposal will benefit the citizen and he will be able to build his house without any commitment to stick to a certain type of construction materials. Moreover, it will save money for the state by reducing the bill of the subsidized construction materials and the long procedures of purchasing cycle. In a related issue, the Ministry of Commerce and Industry has rejected the proposal submitted by an MP to increase the quantity of subsidized construction material citing a technical study that says the estimated KD 100,000 housing loan is enough to build a house on 750 square meters, considering that the new plots distributed by the government range between 400 and 500 square meters — half of them allocated to build a three-story house.

Meanwhile, the Director of Elections and Membership Affairs Administration at the Ministry of Social Affairs and Labor Hamad Al-Mutairi said the suspension of all activities of the co-op societies’ boards will not help disclose the assets of board members to the Anti-Corruption Authority on time, reports Al-Kuwaitiah daily. He disclosed, by the time the board of a co-op society is approved by the ministry, it is necessary for the members to provide the financial assets within 60 days from the date of the approval.

Al-Mutairi added the members of the co-op societies’ boards are considered the biggest category under the Anti-Corruption Authority since they surpass 550 members. Moreover, a training workshop will be organized for all members on Nov 11, 2015 to introduce to them the concept of the disclosing their assets in the form of registration and answer to all inquiries related to the issue.

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