------------- -------------- ------------------- -------------------
Monday , September 26 2022

State spent KD2.9 bln in rent allowance for fiscal 2019/’20

This post has been read 9218 times!

67,102 houses distributed from fiscals 2013/’14 to 2020/’21

KUWAIT CITY, June 7: The State spent KD2.9 billion in rent allowance for fiscal year 2019/2020, reports Al-Qabas daily quoting the Public Authority for Housing Welfare (PAHW). According to the report that PAHW released recently; the number of housing units distributed from fiscal 2013/2014 to fiscal 2020/2021 totaled 67,102. The report said Cabinet Resolution Number 1295 was issued during meeting number 65-2020 on October 26, 2020; stating the Cabinet was informed about the need to shorten the timeline for Mutlaa housing project, reduce the waiting period for housing grant applicants, issue building permits and assign the ministries of Electricity and Water, Commerce and Industry, Public Works, and the Public Authority for Roads and Transportation (PART) to coordinate with the Ministry of Finance in taking appropriate measures to arrange the financial requirements in their respective budgets to ensure speedy completion of the project

The report of the PAHW include the following:
■ The amount available at Kuwait Credit Bank is enough to grant real estate loans for 12,000 plots to be distributed within a year, but it will not be able to grant any additional loan.
■ Coordination with the concerned authorities to provide the necessary services for two housing projects in line with the authority’s program.
■ Coordination with government agencies in implementing the Cabinet’s decision to expedite the issuance of building permits.
■ Distributed 3,260 plots in South Abdullah Al-Mubarak housing project.
■ Distributed 9,002 out of 28,288 plots in Mutlaa Residential City.
■ Certificates for the remaining 19,286 plots in Mutlaa Residential City will be completed after providing the necessary funding for granting housing loans to citizens.
■ After assessing the existing and potential challenges, it was discovered that the number of housing units distributed as per the plan starting from fiscal 2013/2014 to fiscal 2020/2021 reached 67,102; while the number of housing units distributed since 1956 until fiscal 2013/2014 totaled 97,067.
■ Kuwait Credit Bank grants interest-free loans for the construction and purchase of houses with different payment periods that could reach more than 50 years.

Check Also

Real estate investors target expatriate infested regions

This post has been read 9219 times! Experts downplay impact of decline in number of …