Antoine: proposals for programs supporting industrial loans

11/11/2015 0:00

BAGHDAD Hussein al-Tamimi Tgb
For the purpose of supporting and developing the national industry and in line with the program of the Prime Minister and the advisers plan in this regard the opinion of the Committee on Industrial Loan submit several proposals after studying the central bank, industrial bank instructions.

He said the Commission on behalf of member Jamil Antoine decided to form a higher committee composed of Industrial Bank and Development Industrial Federation of Industries and experts not less than 3 of economists and industrialists ancient to activate projects that use local materials such as construction, food and pharmaceutical, as well as mechanical
and chemical.

He pointed out that the loan includes existing industrial and approved by the Industrial Development Directorate and the Iraqi Federation of Industries of projects from the private and mixed sector and cooperation with the allocation of 10 percent of the loan for new projects, as well as the activation of industrial projects, which include the largest number of manpower for the purpose of reducing the unemployment rate and poverty reduction ratios.

Antoine between The instructions stimulate industrial projects that supply the gross domestic product is greater than the industry worth and repay the loan period of 10 years be amenable extendable five more years, as well as the granting of Industrialists two-year exemption to repay the loan installments, indicating that the Commission has proposed that the benefits be 2.5 percent of industrial assistance, also proposed increasing the industrial sector's share of the loan to make up 40 percent since the industrial did not include any loan. And the importance of activating the role of the branches of the Industrial Bank governorates where industrial projects and loans distributed according to the number of industrial projects in the province and not according to population number and registered in the Industrial Development Directorate and the Federation of Industries.

He stressed that the instructions recommended the consolidation of debt for projects borrowed previously schedule with the current loan, and to make student request to the Committee the problem loan with feasibility economy study, pointing out that all industrial prove use the loan to non-goals subjected to legal accountability, also has industrial projects exposed to acts of terrorism particular priority that were not compensated.

And guarantees Antoine said, pays 20 percent of the value of credit and 80 percent guaranteed by the project, and spent part of the loan, according to the feasibility of buying local markets study (materials manufacturing) and being the project owner insurance with a company for the purpose of securing the loan to the bank.