At a press conference yesterday, the Supreme Committee of the Prime Minister's Youth Housing Initiative approved a package of measures to accelerate implementation.
This includes the launch of the first phase by providing 6,000 housing loans and completing the procedures of 1,200 beneficiaries.
Speaking to Libyan state media regarding the key features and plan of the Prime Minister’s Youth Housing Initiative, Minister of Housing and Construction, Issam Al-Tamouni said the initiative entails:
- 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.
- 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.
- There are 400 to 500 housing units being prepared to be handed over by the end of the current year. These units are 95% complete. There will be handover operations and larger-scale deliveries continuing through 2027.
Meanwhile, the Minister of Youth Haitham Al-Zahaf, officially announcing the launch with the Minister of Housing and Construction said:
· The plan involves the provision of 6,000 housing loans and regularizing the status of previous beneficiaries.
· The Savings Bank will begin disbursing loans in three instalments; eligibility is currently limited to those registered in the bank’s system for the years 2022 and 2023 (aged 25 to 40).
· 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.
· Efforts are underway to finalize procedures for approximately 1,490 citizens who had previously signed contracts but did not receive their entitlements, paving the way for disbursement.
· Sub-committees are being restructured and downsized to expedite and facilitate the review and screening of beneficiaries, with coordination meetings set to begin next Sunday.