Planning: The interest rate on credit to finance no more than 6% of all investment projects

It confirmed the Ministry of Planning, on Monday, that the interest rate on credit for financing must not be more than 6% of all projects, noting that the ongoing projects will be covered by the Order provided that the term of not less than the proportion of physical achievement have 50%. He said the ministry spokesman Abdul Zahra al-Hindawi said in a statement Alsumaria News that "received the ministry placed controls and mechanisms to implement all investment projects in a manner of payment term to be adopted within the next year's budget in 2016," noting that "the interest rate for financing credit for these projects should not exceed 6% and is calculated on the basis of disbursements of the loan, not just on the basis of the total amount. "

He Hindawi said "let the loan period should not be less than two years after the completion of the project as been identified for repayment of the loan in the range of 3-5 years minimum and semi-annual installments," pointing out that "bids to be submitted by funded companies must clearly indicate 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 Hindawi that "the 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," noting that "the funding will also include any other new projects meet the listing requirements and ratified by the Council of Ministers. "

The Hindawi that "the inclusion of ongoing projects Order term 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 Implementing Agency", stressing that "this project should not be less than the physical completion of the project rate for 50 per cent, as well as cases approved by the Council of Ministers. " And approved by the Council of Ministers, earlier, the payment term mechanism to address the ongoing and stalled project proposals in an effort to finance projects after oil prices fell to less than half, affecting the state budget.