(MENAFN) Following the election of President Michel Aoun, demand for housing loans from low and middle-income families had increased in Lebanon, also due to the decision of the housing bank in Lebanon to cut interest rates on loans to 3%.
Joseph Sassine, chairman of the housing bank said: "Demand for housing loans increased by 10 to 12 times compared to last year and we have started seeing an improvement in activity in the real estate sector."
Also he added: "The Central Bank aims, by this move, to reactivate the real estate sector and other related business activities such as engineering offices and the employment of skilled labor force."
Overall, the Lebanese government is controlling 20% of the bank and the remaining 80% belongs to commercial banks, insurance firms, private sector and individuals.
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