Lending priority of the recommendations of the defense industry and food

8/9/2015 0:00

Central: 5 trillion dinars to the specialized banks

BAGHDAD - Hussein al-Tamimi Tgb

The presence of government and the private sector organized a committee of economy and investment parliamentary seminar sponsored by National Business Iraqi Council discussed ways to ensure the success of the launch of the Iraqi Central Bank funding for a program of industrial sector banks, agricultural, real estate by offering 5 trillion dinars employs in development projects designed to expand the productive base of the country, especially as the import for the past eight years amounted to 221.6 billion dollars.

Governor of the Central Bank d. On the Keywords between this initiative aims to diversify the productive base as well as activating the role of the private sector to achieve the goal, after he failed to government expenditures for the expansion of the productive base.

He added that the Central has sensors to sense the reality of the Iraqi economy, touching disappearance necessary to develop the economy of plans, so the central work that provides a step forward through Ma_khass of amounts to specialized banks, to be expanded activity pumps to contribute to the diversification of production.

Keywords said that the amount allocated 5 trillion dinars is a major breakthrough for economic development, pointing out that it needs to invest to achieve the highest degree of economic feasibility, noting that the success achieved by this initiative stimulates the central to the provision of other funds to support economic diversification and to achieve the desired growth.
He pointed out that the central pumping nearly 12 billion dinars to the local markets to contain any negative economic phenomena, particularly to prevent a recession .

Keywords limp to the issue of bonds, said work on the issue of bonds by $ 5 billion and this can citizen or institution of the purchase Dinars and the introduction of the dollar, as the central working on the issuance of national bonds worth 5 trillion dinars, pointing to the need for legislation steps that entail these procedures.

The Minister of Industry Mohammed Darraji has pointed out that the past eight years have seen import various materials worth 221.6 billion dollars and this represents 57 percent of the crude oil revenues, pointing to the importance of activating the national industry and counted represents the sovereignty of the country and keeps his money, pointing out that the industrial sector suffers mismanagement, pointing to the importance of a review of economic laws that regulate work in the country.

He stressed Darraji the need to be directed funds initiative to projects that carry a feasibility study does not lend money in cash but in the form of letters of credit Original for the supply of a production line in a detailed industrial specific, indicating our priorities will be defense industry because the amounts to be allocated to import large weapons, noting that the development of the industry does not need huge amounts of money as some imagine, stressing the importance of placing the food industry second priority importance.

Director of the Office of the Prime Minister Mahdi Keywords between the outputs of this seminar will be the focus of attention of the President Minister, pointing out that the crisis cell and directed to speed up loans to revive the productive sectors and urged not to delay in the work of the Committee on overseeing the loan.

President of the National Business Council, the Iraqi David Abdul Zayer proposed mechanism of action include raising all borrowing requests each month by the banks to the Commission and put the scale of lending priorities and to discuss the timetable for the purpose of implementation, the Commission follows up on the implementation of lending by the relevant banks and the follow-up of beneficiaries of the loans for the purpose of implementation of the projects on schedule.

And the importance of creating a website special this Commission to file complaints and dissemination of all loans and their amounts and percentages completed, this program includes companies Iraqi and Iraqi citizens only, and the importance of financing real estate projects, please take into account the increase of the share of the Land Bank.

He stressed that the Industrial Bank is committed to finance all the old industrial projects for the purpose of replacing production lines and development but the one which is under construction take into account the Magdem the establishment of factories by development Industrial and by import of goods readings regarding food, and requires the Land Bank and the Housing Fund and the bank mortgage Stop Housing and indiscriminate conversion of agricultural areas to the residential slums under the loans granted funding.

Zayer student to be the Agricultural Bank allocations in the financing program for this initiative (UNCDF) to convert products and crops -agricultural industries and products across agricultural crops converter such as canning fruits and vegetables and Industries jams, putty and dairy industries animal from poultry, fish and meat all canned kinds and massacres and feed industry wealth, except for breeding animals. factories, executive director of the Association of Iraqi private banks Ali Tariq pointed to the positive role of this initiative, which aims to support industrial, agricultural and real estate projects and get the economy moving through the provision of funding for business owners, stressing the importance to be lending a high degree of transparency and that there is a calendar control paths of exchange and delivery to real projects.

The National Business Council of Iraq member Abdullah Saleh al-Jubouri, he noted to the importance of following up these customizations accurately to prevent any cases of manipulation may accompany the process, we need to cemented mechanisms for lending the money to help activate the production and create jobs for a large segment of young people.