Housing: Government To Resort To Banks To Complete 20.000 AADL Units

date 2016/11/23 views 412 comments 0

icon-writer Samira Belamri/English version: Dalila Henache

Government sent a renewed message of reassurance to subscribers of AADL housing program through the adoption of a new procedure that authorized the public treasury to provide a 100% for the benefit of the loans that are granted by public banks in the context of the completion of 120.000 houses in the format of sale with leasing, making it the Ministry of Housing block the door of the winds of questioning that are hovering around the project due to lack of financial resources, and the government's austerity, and resorting to the freezing of some sectors' projects.

Government guaranteed the finance bill, which was approved by the majority at the National People's Council on Tuesday, with a new legal article that ended the debate over the sources of funding AADL programs, as Article 104 of the legislative text stated that it authorizes the public treasury to provide for the payment of interest during the deferral period and lowering the interest rate on the loans that are granted by public banks in the context of the completion of 120.000 AADL houses at a rate of 100%.

Government said this action came in response to the new plan to finance housing, which was ratified by the authorities, as the legal provision that approved the 100% interest on the bank loans that are destined to finance the construction of 120.000 houses, as the new scheme comes to finance the housing, and is a practical translation of previous statements by the Housing Minister, Abdelmadjid Tebboun, in response to question on the ministry's ability to complete AADL housing program, especially "AADL 2" part, as he asserted that the national Agency for the Improvement and Development of Housing (AADL) will not count on the government's credits only for the completion of the housing programs, but will resort to the bank loans.

New procedure is considered a practical and realistic solution that frees "AADL" program from the grip of processing and public funding, which is threatened due to decline of the state's revenues, as the Minister of Housing ensures the fulfillment of his promises to subscribers to deliver their houses in the proper time, especially after the campaign and blows which affected AADL program, because of inconsistencies in the official statements and other informal, and talk about the freezing of projects that did not start in the majority of sectors, and guidance of the processing budget to finance projects that are in progress and made considerable proportions.

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