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🛒 تسوق الآنLibya's House of Representatives Discusses Bank Role in Housing Projects
Libya's House of Representatives Discusses Bank Role in Housing Projects
Benghazi meeting tackles financing challenges for cooperative housing sector
Libya's housing crisis took center stage on Monday as the Head of the Economy and Investment Committee, Badr al-Nahib, met with Engineer Salem Abu al-Qasim Ammar, Chairman of the General Union of Cooperative Housing Associations. The meeting, held at the House of Representatives headquarters in Benghazi, focused on activating the cooperative housing sector through enhanced banking sector participation.
The discussions come at a critical time when Libya faces a growing demand for affordable housing, with estimates pointing to a shortfall of hundreds of thousands of housing units nationwide. The cooperative housing model — where members pool resources through associations — has long been viewed as a viable solution, yet chronic underfunding has hampered its potential.
Cooperative Housing: A Pillar for Development
Participants examined the role of cooperative housing associations in supporting state housing projects. These associations provide residential units to their members, helping bridge the gap between supply and demand in Libya's strained housing market.
The General Union of Cooperative Housing Associations serves as the umbrella organization for dozens of local cooperatives across Libya. By organizing citizens into collective housing initiatives, these associations offer a pathway to homeownership that bypasses structural market inefficiencies.
Al-Nahib emphasized that cooperative housing represents a strategic sector that directly addresses the needs of Libyan families while stimulating construction and job creation.
Banks and Housing Finance: The Missing Link
A central theme was the urgent need to activate the role of the Central Bank of Libya and commercial banks in financing housing projects. Both parties agreed that without adequate funding mechanisms, even the best-designed housing programs would fail.
The meeting explored financing models including subsidized lending rates for cooperative housing, government-backed guarantees for construction loans, and specialized housing finance institutions. Participants stressed that Libyan banks must develop products tailored to the housing sector's specific needs.
According to sources, the committee is considering legislative proposals mandating a minimum percentage of bank portfolios be allocated to housing finance, similar to successful models in other developing economies.
Legislative Coordination for Housing Solutions
The meeting underscored the importance of coordination between the House of Representatives and the General Union of Cooperative Housing Associations. Both sides committed to developing practical solutions to accelerate housing delivery across the country.
Al-Nahib stated that the Economy and Investment Committee would work closely with the Ministry of Housing and Construction to translate recommendations into actionable policies. The committee also plans to engage banking sector representatives in upcoming sessions.
Ammar presented the union's vision for a national housing program leveraging cooperative associations as primary vehicles, highlighting successful models from other Arab countries.
Libya's Broader Housing Crisis
Libya's housing shortage has been exacerbated by years of political instability, underinvestment in infrastructure, and rapid urbanization. Major cities including Tripoli, Benghazi, and Misrata have seen property prices skyrocket, putting homeownership out of reach for many young Libyan families.
The cooperative housing sector offers a potential circuit-breaker: by organizing demand and leveraging collective bargaining power, associations can reduce costs and pass savings to members. However, the sector has been constrained by limited access to bank financing and regulatory bottlenecks.
Monday's meeting signals renewed political will to address these barriers, with legislative action potentially including new housing finance laws and regulatory reforms.
Way Forward: Priorities and Next Steps
Participants identified three priority areas: securing sustainable financing through the banking system, streamlining regulatory procedures for cooperative housing, and establishing accountability mechanisms for timely delivery.
Al-Nahib confirmed the committee would prepare a comprehensive report on the meeting's outcomes and present it to the House of Representatives, including legislative recommendations to unlock the cooperative housing sector's potential.
The Benghazi meeting represents a step toward aligning legislative, financial, and institutional actors behind a shared housing agenda for thousands of Libyan families.
— Libya Press / News Desk
