Investment Projects Planning Announces Posting financing payment on credit projects

​It revealed 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. He said the ministry spokesman Abdul Zahra al-Hindawi said in a statement seen by the agency, "our economy" news that "the representatives of the Ministries of Planning and Finance, 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 is for 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. And between, the "funder 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 any breach of the contract between the two parties items, taking into account the commission that the commitment agreed by the parties." And 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 that not less than allowed for two years after the completion of the project period," pointing to "specify the duration of repayment of the loan, including ranging from a minimum of 3-5 years and semi-annual installments. "
"The bids to be submitted by funded companies must clearly indicate the interest rate and the duration of the repayment period to allow and as well as the need to offer the company wishing to finance three performances (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 projects, provided that these projects are included in the investment budget of the Ministry of Planning," adding that "funding will also include any other new projects 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 to a 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. "

He revealed, "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 the implementation of payment projects on credit of the Supreme Committee for approval and submit it to the Cabinet for approval.