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Last update - 18:06 14/04/2008
PA unveils plan to build 30,000 low cost homes in West Bank
By The Associated Press
Tags: West Bank, PA, Mahmoud Abbas

The Palestinian Authority has unveiled a plan to build 30,000 affordable apartments in the West Bank and offer $500 million in long-term mortgages.

Officials say the Palestinians need 65,000 new homes today, and demand is
growing by 11,000 a year. Long-term loans are rare in the Palestinian
t
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erritories.

The housing plan was presented at a news conference Monday. The mortgage money is coming from the U.S., Britain and the Palestinian government. New construction in seven or eight suburbs of West Bank cities is expected to create thousands of jobs.

Palestinian President Mahmoud Abbas attended the news conference and said such projects will help persuade Palestinians that they are on the way to a better future
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