The Housing Bank entered into a partnership agreement with the National Bank of Bahrain, the Bahrain Islamic Bank and the Kuwaiti Bank "Boubyan" Group to provide joint financing of BD 250 million, which is allocated to support and develop housing programmes and options for citizens, in accordance with housing policies implemented by the Ministry of Housing and Urban Planning within the framework of the Government's vision for the social housing sector in the Kingdom.
The agreement was signed by H.E. Ms. Amna bint Ahmed Al-Rumaihi, Minister of Housing and Urban Planning, and Chairman of the Housing Bank. and Her Excellency Ms. Hala Yetem, Chairman of the Board of Directors of the National Bank of Bahrain and H.E. Mr. Zeid Khalid Abdulrahman, Chairman of the Board of Directors of the Bahrain Islamic Bank and H.E. Mr. Adel Al Majid, Vice Chairman and CEO of the Kuwaiti Bank "Boubyan" Group, in the presence of a number of government and private sector officials.
Her Excellency Mrs. Amna bint Ahmed Al-Rumaihi, Minister of Housing and Urban Planning, confirmed the Chairman of the Board of Directors of the Housing Bank The signing of the mutual financing agreement in the amount of KWD 250 million is part of an active and sustained partnership with the private sector to support efforts to provide flexible housing options and solutions to as many citizens as possible. In particular, the Housing Finance Programme, which continues to grow at the level of citizens' interest, In addition to the programs and projects that the Bank is working to implement in order to provide housing needs for citizens in line with the Government's directions in this regard, which are included in the Government programme.
Her Excellency appreciated the great cooperation of the participating banks by providing them with the flexibility and facilities necessary for the completion of the co-financing agreement, starting from the stages of studies through the procedural stages, and thus the completion of financial and legal agreements, stressing that this cooperation reflects the complementary relationship between all parties to implement the common goal of supporting the Kingdom's housing sector.
Such constructive partnerships contributed to the Kingdom's national economy by providing the necessary support for the completion of development plans and projects, which was reflected in positive results for many sectors, particularly banking, service and real estate, and met the needs of citizens.
Mr. Osman Ahmed, Chief Executive Officer of the National Bank of Bahrain Group, said: "The National Bank of Bahrain is proud to support this important initiative that will facilitate access to housing services and contribute to the economic and social development of the Kingdom of Bahrain. This partnership reaffirms our firm commitment to supporting sustainable development and achieving national goals and will allow the housing bank to meet growing housing needs and enhance the financial potential to support housing projects in the Kingdom. "
Mr. Abdullah Talib, Director General of the Housing Bank, said that this agreement represents a significant addition to efforts to provide accessible housing solutions to citizens, noting that this strategic cooperation with banks allows the Housing Bank to achieve its objectives and continue to support the housing needs of the Kingdom's citizens.
Ms. Al Alawi, Acting Chief Executive Officer of Bahrain Islamic Bank, added: "We are pleased with this partnership, which reflects Bahrain Islamic Bank's commitment to supporting projects aimed at serving the community. We are proud and proud to partner with the Housing Bank to finance residential initiatives that provide housing solutions to Bahraini citizens and contribute to the achievement of the Kingdom's sustainable development goals."
Mr. Adel Al Majid, Vice Chairman and CEO of Boubyan Bank Group, said: "We are proud to participate in this strategic cooperation, which will have a clear impact on Bahrain's housing sector. "Affirming Boubyan Bank's keenness to contribute to these initiatives through innovative financing solutions with diversity, flexibility and efficiency, Being well aware of the role and contributions of the banking sector in supporting development and infrastructure projects reflects Boubyan Bank's commitment to supporting sustainability projects in Kuwait and the region.
