22 Hrs
Source:
عين ليبيا
Expert uncovers housing project corruption
The article discusses the Youth Housing Initiative in Libya amidst the ongoing economic crisis that is sweeping the country. This crisis has led to rising unemployment and poverty rates, a decline in purchasing power, a deteriorating real estate market, and banking restrictions on lending due to the "Interest Prohibition Law." The initiative aims to assist young people in obtaining housing by providing loans of 150,000 dinars, with the young borrower bearing an amount of 30-40%, to be repaid over 25 years. However, it does not fully resolve the crisis and is considered only a partial solution. Implementing the initiative faces challenges such as banks' limited capacity to finance, potential increases in construction material prices, the absence of guarantees for sustainability, and risks of administrative corruption and lack of transparency. Experts affirm that while the initiative may contribute to a partial urban revival and create job opportunities, its success depends on political and economic stability and a comprehensive housing strategy—elements that are currently lacking in the Libyan scene.
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