DUBAI: Kuwait's government agreed with a housing parliamentary committee to increase the capital of Kuwait Credit Bank by 300 million dinars ($993.31 million) to 3.3 billion dinars, the finance minister Abdulwahab Mohammed Al Rushaid said on Tuesday.
The parliamentary proposal had aimed to increase the capital of the Credit Bank by 750 million dinars in order to finance housing units for Kuwaiti citizens.
The state-run Kuwait Credit Bank currently provides interest-free loans to eligible citizens to build, buy or renovate housing but it has been suffering for years from a lack of liquidity due to the increase of housing requests.
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The government has also given the go-ahead to reschedule 500 million dinars in bonds owed by the Credit Bank to the Kuwait Fund for Development and are working to allow the bank to issue one billion dinars bonds, Al Rushaid added.
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