Economic bodies have recognised Antoine Habib, chairman and chief executive of the Housing Bank of Lebanon, for his work distributing mortgages to 1,500 Lebanese families since taking office in February 2022.
Antoine Habib, chairman and chief executive of the Housing Bank of Lebanon, was honoured at a ceremony in Beirut by Lebanese economic bodies for his role in reviving the bank and expanding its service to households and the economy. Former minister Mohammed Choucair, who leads the economic bodies, presented Habib with a medal at the gathering, which drew representatives from the economic sector.
Choucair said Habib had delivered substantial results since his appointment in February 2022, a period marked by severe financial and economic contraction. Among these, he cited the strengthening of the bank's administrative structure, the repair of its financial position, and the recovery of a 165 million dollar loan from the Arab Fund for Economic and Social Development.
The Housing Bank has relaunched residential lending under a new model, including an electronic system that allows citizens to submit applications, Choucair noted. Transparency and efficiency have improved under the new arrangement.
About 1,500 Lebanese families have taken loans totalling roughly 75 million dollars, Choucair said. Nearly 90 per cent of the funds went toward home purchases, 5 per cent to construction, and 5 per cent to renovation. The bank has also extended loans in Lebanese pounds from its own reserves for renovation work.
These disbursements have secured housing for a large number of families and stimulated the construction sector and the many professions and businesses tied to it, Choucair said. He called for continued support of the bank and a strengthening of its social and economic role.
Choucair also stressed the importance of restoring health to Lebanon's banking sector so it can return to financing productive industries and backing investment and growth. The revival of the sector is essential to the country's economic recovery, he indicated.
Habib said the honour belongs not to him alone but to the Housing Bank, its board of directors, its executive management, its staff, and all who helped enable Lebanese citizens to obtain decent housing. He treated the award as recognition of a collective effort.
The crisis facing Lebanon is not merely financial but also one of confidence, governance and management, Habib said. He called for institutional reform, protection of depositor funds, support for productive sectors, incentives for investment, and the strengthening of social safety nets.
Partnership between the public and private sectors is essential, Habib said, describing the Housing Bank's experience as a successful model that could be extended to other state institutions. The bank's achievements offer lessons applicable elsewhere in the public sector.
Housing is a fundamental right and a foundation for social and economic stability, Habib said. Access to housing helps retain young people and families in Lebanon and reduces emigration, he added. The ceremony concluded with Choucair presenting Habib with the economic bodies' medal, followed by a lunch held at the Business Club of the Beirut and Mount Lebanon Chamber of Commerce.
