Industry Minister applauds Arab Fund's move to release frozen loan

The caretaker Industry Minister, MP Georges Bouchikian, commended the initiative of the Arab Fund for Economic and Social Development to release the $165 million US dollar loan allocated to the Housing Bank, which had been frozen since 2019.

He expressed gratitude towards the member states of the fund, particularly Kuwait, where the fund is headquartered.

In a statement, he highlighted the continuous Gulf and Arab support for Lebanon, further solidifying relations between Lebanon and these countries. This includes cooperation in trade, tourism, and, most importantly, fostering a sense of brotherhood and friendship.

He praised the vital trust between the Arab Fund and the Council for Development and Reconstruction, led by Engineer Nabil El-Jisr, as well as the efforts of the Director-General of the Housing Bank, Antoine Habib. He stated that this loan will stimulate Lebanon's economic cycle, benefiting those with limited or moderate incomes to purchase residential properties. This initiative is anticipated to revive the stagnant real estate market.

Furthermore, he emphasized that the industrial sector will also gain from the upcoming urban movement in Lebanon. This will involve utilizing locally manufactured raw materials from domestic factories and creating employment opportunities for the Lebanese workforce.

The revitalization of manufacturing for various types of residential units is expected as a result.