Libya Approves 6,000 Youth Housing Loans, Units Ready by Year-End

Libya's Supreme Committee for the Prime Minister's Youth Housing Initiative has greenlit a package of measures aimed at accelerating the project's implementation. The first phase will see the provision of 6,000 housing loans and the finalization of procedures for 1,200 beneficiaries, signaling a significant step forward for young Libyans seeking homeownership.

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The provision of 150,000 Libyan Dinars to young people, disbursed in three instalments of LD 50,000 each, in cooperation with the Savings and Investment Bank.

Minister of Housing and Construction, Issam Al-Tamouni, detailed the initiative's core features. Young people can receive up to 150,000 Libyan Dinars, disbursed in three installments of 50,000 Dinars each, in collaboration with the Savings and Investment Bank. A down payment between 20% and 40% of the apartment's value is required, with the remaining balance payable over 25 years through a facilitated scheme designed for low-income and needy families. Crucially, 400 to 500 housing units are already 95% complete and are slated for handover by the end of the current year, with more extensive deliveries planned through 2027.

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There will be down payment ranging from 20% to 40% of the apartment's value, with the remainder paid in instalments over 25 years under a facilitated scheme for needy families and low-income individuals.

Minister of Youth, Haitham Al-Zahaf, officially announced the launch, emphasizing the provision of 6,000 housing loans and the regularization of status for previous beneficiaries. The Savings Bank will commence loan disbursements in three installments, initially prioritizing those registered in its system for 2022 and 2023, aged between 25 and 40. A notable aspect of the allocation is the earmarking of 10% of loans for priority groups and another 10% for widows and divorced women, ensuring equitable access to housing.

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The plan involves the provision of 6,000 housing loans and regularizing the status of previous beneficiaries.

Furthermore, efforts are underway to resolve the cases of approximately 1,490 citizens who had previously signed contracts but had not yet received their entitlements. Sub-committees are also being restructured and streamlined to expedite the review and screening of beneficiaries, with coordination meetings scheduled to commence shortly. These measures collectively aim to ensure transparent and fair mechanisms for housing provision.

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10% of the loans are allocated to priority groups and another 10% to widows and divorced women, ensuring housing provision through transparent and fair mechanisms.