KUWAIT CITY, Aug 30: The Acting Director General of Kuwait Credit Bank, Sultan Al-Dabbous, announced on Saturday that the Cabinet had approved Resolution 1107/2025, which renews the financial portfolio aimed at financing the expansion and renovation of private houses. The portfolio will be effective for a period of 20 years, starting August 10, 2025.

In a press statement, Al-Dabbous highlighted that this decision marks another significant step in the Kuwaiti leadership's efforts to provide financial support and facilitate housing solutions for citizens. The move is part of the government's ongoing commitment to improving the quality of life for Kuwaiti families, with housing being a crucial element as enshrined in the country’s constitution.

According to Al-Dabbous, Law No. 46/2005 mandated the establishment of a financial portfolio at the Kuwait Credit Bank to fund the expansion and renovation of private housing. Article 1 of the law states that a KD 100 million (approximately USD 327 million) portfolio would be set up for 20 years, renewable upon Cabinet approval.

Al-Dabbous further explained that Cabinet Resolution No. 81/2006, issued on February 27, 2006, laid down the regulations governing the portfolio, including eligibility requirements for beneficiaries. The program is designed to support citizens seeking housing solutions, such as those planning for marriage, utilizing unused land, or renovating old homes.

Since the law's enactment, the Kuwait Credit Bank has granted more than 13,000 loans totaling over KD 127 million (approximately USD 419 million) to citizens. Al-Dabbous emphasized that the portfolio's funds have been managed in strict adherence to the original legislation.

The Acting Director General also expressed his gratitude to Kuwait's leadership, particularly His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, and His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, for their unwavering support of citizens in light of inflation and rising living costs.

Additionally, Al-Dabbous thanked the Economic Committee at the General Secretariat of the Council of Ministers and Minister of State for Municipal Affairs and Minister of State for Housing Affairs Abdullatif Al-Mishari for their continued efforts in meeting the housing needs of Kuwaiti citizens.

The bank remains committed to assisting homeowners, particularly those whose loan maturity periods have expired, to help resolve housing-related issues.