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Thursday , September 23 2021

CB raises alarm regarding loans

KUWAIT CITY, Dec 1: The Credit Bank raised the alarm to take necessary decisions as soon as possible, warning the bank would not be able to continue financing mortgage loans in the future housing distributions, reports Al-Rai daily. Vice Chairman and Director General of the Credit Bank, Salah Al-Mudhaf, revealed several studies conducted to find solutions and the available financing alternatives but added “none of the alternatives have been approved due to the political pressures successive ministers are exposed to by the Public Authority for Housing Welfare.”

Al-Mudhaf warned that any further delay in taking decisions that were supposed to be taken many years ago will constitute risk and burden to the bank and the state, especially in light of the deficit of the public budget. He pointed out that “offering new bonds and borrowing is an option currently on the table, in light of cabinet’s decision not to increase the entities’ capital for a period of 5 years,” indicating at the same time that it’s a short-term solution to the deficit in financing Mutlaa and South Abdullah Al- Mubarak plots, which does not achieve sustainability in residential care.

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