Habib: Arab Fund approves $165M loan for Banque de L'habitat

Caretaker Prime Minister Najib Mikati met with the Chairman of the Board of Directors and General Manager of the Banque de L'habitat, Antoine Habib, accompanied by a member of the Board of Directors, Tawfiq Naji.

After the meeting, Habib announced that they were informed by the President of the Council for Development and Reconstruction, Eng. Nabil El-Jisr, for his approval of the final agreement for the Arab Fund for Economic & Social Development loan of 50 million Kuwaiti dinars, equivalent to 165 million US dollars for Banque de L'habitat.

"We came to share this news with Prime Minister Mikati and convey this good news from the Grand Serail to the Lebanese people, especially those with limited and moderate incomes."

He added: "Following this final approval, a signing will take place with the Central Bank of Lebanon for the fund to initiate the transfer of the loan funds to its designated account at the central bank after its depletion."

"Consequently, the loan agreement will become effective soon, serving as a gift from the Arab Fund to the Lebanese people during this challenging economic and social phase that Lebanon is going through."

Responding to a question, Habib said: "This loan will enable loans for around 6,000 housing units, meaning 6,000 Lebanese families with limited and moderate incomes, adding that "the lending ceiling will be 40,000 US dollars for those with limited income and 50,000 US dollars for those with moderate income."