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The Ministry of Labor and Social Affairs coordinates with the Central Bank to grant job seekers soft loans, according to a mechanism that adopts the inclusion of 10,000 applicants every three months.
The Ministry of Labor and Social Affairs currently relies on granting loans to the groups covered on the basis of funds recovered from previous beneficiaries and granting them to new applicants.
The director of the Ministry's Labor and Vocational Training Department, Raed Jabbar Bahed, told Al-Sabah newspaper, followed by Al-Iqtisad News, that “the fund for granting loans to job seekers registered in the ministry’s unemployed database has not been boosting its capital since 2012, and all amounts have been exhausted according to The quotas allocated to the provinces. "
He stressed, "Coordination with the Central Bank to grant job-seekers loans according to a specific mechanism that guarantees the inclusion of 10,000 names every three months. It is hoped that this initiative will be activated during the next period."
During the past few years, 10 thousand and 250 applicants were included in soft loans within the 29 and 30 batches out of 224 thousand applicants.
"The interest and the repayment of the loan granted by the Central Bank will be the same as the current loan mechanism," Bahid said.
The Ministry of Labor has taken measures against former beneficiaries who have not paid the annual installments, according to the loan fund law, which requires payment in accordance with the system of recovering money granted by borrowers.
Bahed called on "government agencies to enhance the fund's capital in order to grant the largest number of applicants for soft loans to start their projects."
The Minister of Labor and Social Affairs, Adel Al-Rikabi recently announced a second program related to the lending portfolio related to productive and realistic projects that may reach a ceiling of 20 million dinars to 40 million dinars, according to the project, and it must be innovative and provide a job opportunity from one to three people, "he pointed out. Until that "the funds for this project are currently available with the ministry, and young people can apply for this program, and that the loans are paid annually and without interest."
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