Planning Announces Posting project financing payment on credit interest rate of 6%

The Ministry of Planning for controls and mechanisms for the implementation of investment projects in a manner of payment term to be adopted within the next year's budget in 2016 revealed. He said the ministry spokesman Abdul Zahra al-Hindawi said in a statement received by the agency all of Iraq [where] a copy of it, that "the ministries of planning and finance representatives and in consultation with the Economic Adviser to the Prime Minister acknowledged the controls that will be adopted in the implementation of projects on credit, which stressed that the implementation of projects in this way be Projects developed in accordance with Article 26 of the Budget Law for 2015, taking into account the ongoing projects in the draft 2016 budget and included text refers to this subject.
"Between," The Donor of the project's commitment to the total amount of funding will continue until the end of the project and its consequences in the event of breach of any of the contract between the two parties items, taking into account the commission commitment to be agreed upon by the parties.
"The Ocharalhendaoa to, that" the interest rate for financing on credit must be no more than 6%, calculated on the basis of disbursements of all loan and not on the basis of the total amount, and of not less allowing for two years after the completion of the project period, "pointing to" specify the duration of repayment of the loan in the range of 3-5 years minimum and semi-annual installments.
"" The bids to be submitted by funded companies must clearly indicate the interest rate and duration to allow the repayment period as well as that it should provide the company wishing to finance three bids [commercial -ffine - funding].
"He said al-Hindawi, that" financing on credit includes new projects in ministries and provinces in the service and production fields, including water and sewage systems, hospitals, roads, bridges, land reclamation and projects of agriculture and water resources, provided that the projects These projects included in the investment budget of the Ministry of Planning, "adding that" funding will also include any new projects again meet the listing requirements and ratified by the Council of Ministers.
"The spokesman for the Ministry of Planning that" the inclusion of continuous Order-term projects will be according to the controls have been identified, including the commitment sequence of priorities for the type of project as well as projects of the same class and agreed between the Ministry of Planning and the implementing agency, and of not less than the physical achievement of the project the proportion of 50 per cent as well as cases approved by the Council of Ministers.
"revealing" the formation of a higher committee chaired by the Ministry of Finance and the membership of the Ministry of Planning and with the participation of the implementing agencies when needed for project approval, supervision and follow up the implementation of the loan, "noting that" the projects that define within this technique will be presented to pay for the implementation of projects on credit of the Supreme Committee for approval and submit it to the Cabinet for approval, ".