Iskan to receive $26 million

The Government will provide the Public Corporation for Housing (Iskan) a treasury advance of 40 billion lira ($26 million), in order to pay interest rates due to banks for 2014.

“This new liquidity will be enough for Iskan to pay all of its duties toward banks for last year and end its financial crisis,” said Fady Sader, Assistant General Manager at Crédit Libanais.

Iskan will also announce its budget for 2015. This budget will take into consideration revenues due from the State in favor of Iskan, such as the reconstruction tax, which Iskan has not received since 2001.

Some banks have completely stopped securing loans through Iskan, while others reduced their activity with this institution, in the light of its financial crisis during last year. “Some banks have stopped granting loans through Iskan, but most will reconsider their attitude after this new solution,” said Sader.

Iskan said that it provided more than 60,000 loans to low and middle-income applicants since its establishment in 1999.