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Wednesday 09 Sep 2015 - 11:48 Makkah mean time-25-11-1436
 Jerusalem (IINA) - Palestinian Housing Council (PHC), in cooperation with the Islamic Development Bank (IDB) and Kuwait Fund for Arab Economic Development (KFAED), recently announced the start of implementing the first phase of housing projects in Palestine. IDB and KFAED signed a grant agreement with PHC to co-finance all costs of this project in July 2014.
The announcement came after the first installment of $3 million were transferred to PHC. The total amount of funds for this project is set at $15 million, which will be evenly distributed between housing programs in Jerusalem, West Bank and Gaza Strip.
IDB and KFAED stated that the project plans will also include providing loans to low-income Palestinian employees who have the ability to repay, and that the loans are to help them buy or build houses, or to renovate their current housing units. These loans are in order to improve the living conditions in Palestine especially in rural areas.
On their part, PHC stated that this project will benefit around 400 families as well as contribute to the reinforcement of the construction sector in Palestine. The project will also provide job opportunities for thousands of workers in addition to strengthening Palestinian families’ footing in their lands. PHC estimated that this project will be completed within two years.
Finally, PHC thanked IDB and KFAED for their support of Palestinian people in general, and for their support of housing projects in particular.
AG/IINA
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