Cabinet approves lending to housing fund 305 billion dinars

Cabinet approves lending to housing fund 305 billion dinars



Alsumaria News / Baghdad

The Council of Ministers approved, on Tuesday, lending to housing fund 305 billion dinars to complete the need of the first batch of beneficiaries of the Fund's loans, also decided to form a committee to study the possibility of examination of imported goods and materials in warehouses and yards outside border crossing points.

The General Secretariat of the Council of Ministers in a statement issued today, and received "Alsumaria News", a copy of it, that "the Council of Ministers held today, its tenth regular chaired by President of the Council Nuri al-Maliki," noting that "the Council has agreed to lend the housing fund Iraqi Ministry's Construction and Housing amount of $ (305) billion dinars from the Ministry of Finance. "

The statement pointed out that "the approval of the credit comes to complete the required recipients of loans from the Fund who received the first batch of loans to build their own homes, provided this advance payment to the Ministry of the financial savings that will be achieved in the federal budget."

The statement added that "the Council of Ministers agreed to form a committee to study the provision of the necessary capabilities to receive and inspect the goods and materials imported outside border crossing points in stores and arenas for this purpose, headed by Director General of Customs and the membership and ministries of transport, planning and finance, interior and Chancellery of national security."

The House voted, (7 March current) majority on the federal budget for 2013, while not allocated to the Housing Fund any amounts within the budget despite warnings from the Ministry of Construction and Housing of the Parliament and the Council of Ministers of the stops loans Housing Fund in the event of non-inclusion of the financial allocations for the Housing Fund in the budget for the current year 2013.

The Minister of Construction and Housing Mohammed Darraji in July of 2011 in an interview for "Alsumaria News" that Iraq needs 2.5 million housing units to solve the housing crisis which, noting that five years is sufficient to resolve the crisis in case the application of the one million housing units correctly .

The Fund was established under it (11) in 2004 with a capital of 300 billion dinars and objective of the Fund is to finance housing projects and enable the Iraqi citizens to build residential units by granting mortgages.

It is noteworthy that Iraq suffers severe housing crisis due to the increasing number of population, compared with the number of residential complexes, in addition to the inability of citizens with limited income for building its own residential unit, due to the high cost of land and construction materials.

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