Kuwait's mortgage law in final stages: Minister
A planned mortgage law in Kuwait has advanced to final stages and will save the state a massive amount of funds, a Kuwaiti Minister has said.
Minister of Economic Affairs and Investment Noura Al-Fassam said there is a need to issue that law after the accumulation of housing applications to more than 100,000.
She told a local mortgage seminar this week that in the absence of the mortgage law, applications could increase the cost on the state to 29 billion Kuwaiti dinars ($95 billion) after five years.
'The mortgage law is now in its final stages…there are consultations among decision-makers and experts in this respect,' she said in comments published on Thursday by the Arabic language daily Alanba.
'The government's target now is to direct the budget to priority projects, covering infrastructure, renewable energy and other feasible projects…citizens will be able to get the help of the banking sector through the new law to obtain appropriate financing through flexible conditions and long-term periods without imposing additional burdens on them,' she said.
Earlier this month, Kuwait-headquartered NBK said in a report that the housing finance law is nearing approval and will result in much stronger residential investment over time.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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