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FINANCIAL NEWS
Bahrain allocates $1.27b for housing until 2012
28 Sep 2010
(MENAFN) Bahrain’s Housing Minister Shaikh Ebrahim bin Khalifa Al-Khalifa said that the Kingdom is going to spend $1.27 billion during the coming two years to undertake the long-standing lack of reasonably priced houses, Reuters reported.
There are more than 50,000 applicants waiting for government-subsidized housing in the Kingdom, with officials currently handing over units to those who applied in 1993.
The government is going to spend $ 1.27 billion to hand out over 7,000 housing units that will be funded by at least 70 percent.
The lack of reasonably priced houses is one of the most urgent social issues in Bahrain as government programs marred by bureaucracy did not deliver sufficient units.
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