The Chairman and General Manager of the Housing Bank, Antoine Habib, announced that "the Cabinet, in its session held on 26-5-23, made a decision to amend the annex of the loan agreement with the Arab Fund for Economic and Social Development signed on 26/11/2019, between the Housing Bank and the Arab Fund via the Council for Development and Reconstruction. This amendment stipulates that the loan currency will be in US dollars instead of Lebanese pounds due to the deterioration of the exchange rate." He stated, "Lebanese citizens will be able to obtain a loan of $40,000 for low-income individuals and $50,000 for middle-income individuals, provided they do not own any housing in all of Lebanon, the property does not exceed 150 square meters, and they are not benefiting from any other loan."
Habib pointed out that "the mechanism will pass through the Central Bank, as well as the Council for Development and Reconstruction. We met with Governor Riad Salameh, who gave us initial approval to receive the loans from the Arab Fund to the Central Bank in US dollars, or to convert it from Kuwaiti dinars to US dollars. We also received initial approval from the Council for Development and Reconstruction, which will contact the Arab Fund within two days to inform them of the government's decision."
He noted that "this loan signed in 2019 between the Arab Fund and the Housing Bank has been confirmed and will be processed as quickly as possible, knowing that there will be a platform through which any Lebanese citizen can fill out the conditions from their home. If they meet all the conditions and obtain all documents, they will then be able to get the loan without any intervention from anyone."
He assured "the Lebanese people that in the near future, they will be able to access the platform to review the conditions. I believe that from now until three months, after obtaining the approval of the Board of Directors of the Housing Bank and the written approval from the Arab Fund, and signing the agreement with the Central Bank, this loan will see the light of day." He indicated that "about five thousand families will benefit from this loan, knowing that the loan is directed only to Lebanese citizens, and the family's income will be considered rather than the individual salary within the family."
In response to a question, Habib said: "The loans given will be repaid in the same currency, meaning that those who take a loan in pounds will repay it in Lebanese pounds, while loans given in dollars will only be repaid in dollars, and the borrower will sign all necessary documents obliging them to repay in dollars."
