File - Buildings under construction in Sin al-Fil, Thursday, July 31, 2014. (The Daily Star/Mohammad Azakir)
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This advance payment only covered 20 percent of the total dues in arrears owed to Lebanese commercial banks, which subsidize the loans granted by the Public Housing Institute to low- and middle-class families.A senior official at the Association of Banks in Lebanon told The Daily Star that the Public Housing Institute had failed to pay the dues to the commercial banks for all of 2013 and the first half of 2014, estimating the outstanding debt at around LL60 billion ($40 million).ABL recently sent a letter to 29 banks which signed a protocol agreement with the institute for 15 years, calling on them not to rush and send funds to the institute because it had failed to pay its dues to these banks on time.The commercial banks offer subsidized interest rates so the institute can provide housing loans of not more than 3 percent to the clients seeking to buy homes.
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