The Acting Director General of the Kuwait Credit Bank, Sultan Al-Dabbous, announced that the Council of Ministers has issued Decision No. (1107 of 2025) regarding the approval to renew the financial portfolio for financing the expansion and renovation of private housing, established under Law No. 46 of 2005, for a period of twenty years starting from August 10, 2025.

In a press statement on Saturday, Al-Dabbous said that this decision represents a step within the relentless and serious efforts of the State of Kuwait's leadership to finance and facilitate citizens' access to the necessary support for providing a decent living for all citizens without exception. He emphasized that housing is one of the most important pillars of caring for the Kuwaiti family, based on the Constitution, which has given it special importance and mandated its care and preservation.

He explained that Law No. (46 of 2005) regarding the establishment of a financial portfolio at the Bank for financing the expansion and renovation of private housing stipulated in Article No. (1) that "a financial portfolio shall be established with an amount of 100 million dinars" at the Bank to finance the expansion and renovation of private housing for a period of twenty years, renewable by a decision of the Council of Ministers.

He noted that the Council of Ministers also issued on February 27, 2006, Decision No. (81 of 2006) regarding the rules for managing and investing the financial portfolio for financing the expansion and renovation of private housing and the conditions that must be met by beneficiaries.

Al-Dabbous pointed out that the decision aims to facilitate matters for citizens and provide appropriate financing for the purposes of expanding private housing to meet citizens' needs, such as the marriage of children and the utilization of unused spaces, or for the renovation of homes that were built a long time ago.

He highlighted that since the law came into effect, more than 13,000 loans have been provided to citizens, with a total value exceeding 127 million Kuwaiti dinars (419 million US dollars). Additionally, the available funds in the portfolio's balance have been invested in accordance with the Bank's establishing law.

He affirmed that the Bank's spares no effort in facilitating and solving the housing problems of citizens, adding that the Bank continues to receive applications from homeowners who have met the specified period for loan eligibility according to the stipulated conditions and controls.

Al-Dabbous extended his highest gratitude and appreciation to His Highness the Amir of the country, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may God protect and preserve him, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, may God protect him, His Highness the Prime Minister Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, and the First Deputy Prime Minister, Minister of Interior Sheikh Fahd Yusuf Saud Al-Sabah for their attention to providing support to Kuwaiti citizens amidst conditions of inflation and high living costs.

He also thanked the Economic Committee at the General Secretariat of the Council of Ministers and the Minister of State for Municipal Affairs and Minister of State for Housing Affairs, Abdulaziz Al-Muzaini, praising his directives to meet citizens' demands and fulfill their aspirations.