Minister Rashid Derbas speaks in Beirut, Thursday, Feb. 5, 2015. (The Daily Star/Dalati Nohra, HO)
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The Institute of Public Housing received a cash injection of LL40 billion ($26.5 million) in the form of an advance payment from the government in order to settle dues to Lebanese commercial banks and reactivate low-interest home loans to low-income families, Social Affairs Minister Rashid Derbas announced Thursday.Last year, the Finance Ministry provided the institute with a LL30 billion advance payment to help it pay part of the dues to commercial banks.Typically, lenders finance the home loans at cheaper interest rates and the Institute of Public Housing, which the Finance Ministry funds, settles the difference. Lebanese banks have called on the Finance Ministry on numerous occasions to resume paying its share to the institute to settle the accumulated interest.
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