ShareKUWAIT: Minister of Finance Abdulwahab Al-Rushaid affirmed yesterday the government's keenness on finding sustainable solutions to continuously finance real estate loans, indicating that such solutions require cooperation between the executive and legislative authorities. This came in the minister's statement upon inaugurating new Kuwait Credit Bank headquarters, adding that technical solutions require careful deliberation against backdrop of fluctuation of oil prices and increase of residential demands.
As for the retiree financial grant, the minister urged citizens not to worry as a solution exists where retirees are granted what they desire and justice is achieved. During his speech, Minister Al-Rushaid, labeled KCB an essential pillar to the foundation of modern Kuwait, as the bank's purpose is intertwined with citizens' lives.
He also highlighted the bank's contribution towards supporting issues of women and people with special needs. The minister of finance spoke of the challenges the bank is facing, saying that the circumstances during which the bank was built completely differ from current circumstances of exponential population growth and architectural expansion.
He added that the bank is adopting new practical and administrative mechanisms to be able to overcome such challenges. On his part, KCB's chief of board of directors, Salah Al-Mudhaf, affirmed the bank's readiness to finance real estate loans for citizens seeking to build homes in Al-Mutlaa and South Khaitan areas.
Speaking of the real estate mortgage law, Al-Mudhaf illustrated that a study has been conducted with an international specialized corporation, and it concluded with three focal points to resolve residential crisis; releasing government-owned lands for residential purposes, bringing in real estate developers and adopting property mortgage laws.
He indicated that the law awaits deliberation and issuing from the National Assembly as it had already been submitted to the cabinet and referred to parliament. Al-Mudhaf commented that the bank's new headquarters was designed according to international standards to further facilitate utilization, as it is also eco-friendly and efficient in energy conserving. - KUNA
