(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Aug 30 (KUNA) -- The acting director general of Kuwait Credit Bank Sultan Al-Dabbous declared on Saturday that the cabinet had issued resolution 1107/2025 approving renewal of the financial portfolio to fund expansion and repair of private houses for a 20-year period as of August 10, 2025.
Al-Dabbous said in a press statement that this decision constituted yet a new step by the leadership to finance and provide facilities to the citizens to have residences.
Elaborating, he said law 46/2005 stipulated setting up a financial portfolio at the credit bank to fund the expansion and rehabilitation of the private houses. Article ONE said that a KD 100 million financial portfolio would be established for the mentioned purposes, valid for 20 years; renewable upon a a cabinet decision.
He added that the cabinet issued, on February 27, 2006, resolution 81/2006 setting regulations of the portfolio and the terms required from the beneficiary.
The decision ws intended to aid citizens namely those seeking marriage, using unused plots of land or old houses that have not been occupied for a long time.
Since effecting the law, more than 13,000 loans have been granted to the citizens with a value exceeding KD 127 million (USD 419 million). (end)
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