KuwaitNews
Trending

The Rent Allowance Costs KD 2.9 Billion To The State

The Public Institution for Housing Welfare city projects report revealed that the state had spent KD 2.9 billion in rent allowance for the fiscal year 2019-2020.

The report indicated that the total housing units that were actually distributed on the scheme from the fiscal year 2013-2014 until the fiscal year 2020-2021 amounted to 67,102 housing units.

The report indicated that Cabinet Resolution No. 1295 was issued at its meeting No. 65-2020 held on October 26, 2020, which states the Council was informed to shorten the timeline of the Al-Mutlaa housing project, reduce waiting times for citizens, hand over building permits, and assign the Ministry of Electricity and Water, the Ministry of Commerce and Industry, the Ministry of Public Works, and the Public Authority for Roads and Transport Al Berri, in coordination with the Ministry of Finance, to take the appropriate measures to arrange the financial requirements in their respective budgets to ensure speedy completion.

The report of the institution mentioned by the cabinet decision included the following:

The amount available at the Credit Bank is sufficient to provide real estate loans for  12000 coupons, to be distributed within a year, and it will not be able to provide any additional loans.
Coordination with the concerned authorities to provide the necessary services for the two projects in conjunction with the Foundation’s program.
In light of coordination with government agencies and the Cabinet’s decision to do what is necessary to expedite the delivery of building permits.
3260 plots of land in the South Abdullah Al-Mubarak project.
9,002 coupons in Al-Mutlaa City out of a total of 28,288 coupons.
The delivery of certificates for the remaining 19,286 residential plots in Al-Mutlaa City will be completed after providing the necessary funding for construction loans to citizens.
Existing and potential challenges-

On diagnosing existing and potential challenges, the report indicated that the number of housing units that were actually distributed or on the plan since the fiscal year 2013-2014 until the fiscal year 2020-2021, amounted to 67,102 housing units, and the number of housing units distributed since 1956 until the year Financial 2013-2014, 97,067 housing units.

The Credit Bank grants construction and purchase loans without any financing interests and with different repayment periods that sometimes reach more than 50 years.

 

SOURCE  ;   TIMES KUWAIT

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Support us by allowing our Ads to show on our website!