Ministry of Housing Discloses a Plan to Tackle the Housing Crisis

Baghdad-INA

 The Ministry of Construction, Housing, Municipalities and Public Works announced plan consists of three axes to address the housing crisis in the country, while revealing a plan to establish more than one million housing units. 

The Director General of the Housing Department at the Ministry of Housing, Haider Al-Mayali, told the Iraqi News Agency (INA), that "the Al-Rasheed camp project has been delivered with the tasks of its implementation by the National Investment Commission, as it is one of the investment projects, not housing," noting that "the housing projects and projects carried out by the Ministry of Construction Housing is implemented through the federal budget. 

He pointed out that "there is a committee formed under direction of the Prime Minister's Office and chaired by him personally, which sought to limit the points to be focused on and developed regarding population density," noting that "there are serious steps in this direction in a short period of time in the life of this government that will be created. 

He stressed, "The recent initiative launched by the Central Bank of Iraq is worthy of respect and represented in two parts. The first part is to lend to citizens to build residential houses, and this was assigned to the Housing Fund and an amount of 875 billion dinars was allocated to help citizens create and add building housing units according to special conditions. 

And the second part relates to the purchase of housing units and was entrusted to the Real Estate Bank through purchase loans for housing units, in amount of 125 million dinars and 100 million dinars, noting that the important thing in the recent Central Bank initiative is to raise the bank interest benefits only, that is, administrative benefits that are deducted for one time. Therefore, it is an interest-free loan 

He continued, "The repayment period has also been doubled from 10 years to 20 years,   stressing that it is considered one of the wonderful initiatives that will contribute to solving the housing crisis in Iraq.