To tackle the housing shortage
Iraqi Central Bank allocates 3 trillion dinars for housing loans
BAGHDAD — The Central Bank of Iraq (CBI) announced the allocation of 3 trillion dinars (roughly $2.2 billion) for housing loans through the Real Estate Bank and the Iraqi Housing Fund. The CBI stated that this decision is part of its strategic vision to “enhance sustainable development, prosperity, and citizens’ welfare” by ensuring adequate housing to support urban expansion and development.
The CBI directed the Real Estate Bank and the Iraqi Housing Fund to develop a comprehensive plan for housing loans. This plan will process citizens’ borrowing requests based on government directives and existing regulations, ensuring fairness, particularly for completed or in-progress applications.
The CBI also called on the government and parliament to support these institutions by allocating an annual budget within the federal general budget to enhance their capital.
The spokesperson for the Iraqi Ministry of Construction and Housing estimated in 2021 that the country needs between 3 to 3.5 million housing units to meet the demands of its rapidly growing population. Recent stability in the country has caused home prices to skyrocket in many areas, further compounding the housing shortage.
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