Abadi adviser confirms the launch of small loans a week ago and warnings from the acquisition of private banks

Author: HH, ZJ
Editor: BK, HH
12/15/2015 11:01
Number of Views: 608

Long-Presse / Baghdad
Economic Adviser to the Prime Minister Haider al-Abadi, on Tuesday, announced that the micro-credit project for citizens launched a week ago, and stressed that the central bank has introduced a private circle follow-up, and among economist that the project "has not been studied," about an in-depth, warned of the possibility of acquisitions of private banks from During the "fake names."

He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), "The small loans to citizens which are estimated Petrleon and 500 billion dinars, launched a week ago," noting that "the right of citizens who have small businesses obtained from the private banks, which holds the lending on behalf of the Bank Iraqi Central accordance with the conditions specified ".

Saleh added, "The lending process is subject to the supervision of the audit," noting that "banks, which holds the base that will prepare information for each borrower to know the beneficiaries and to monitor any violation."

He continued economic advisor to the prime minister, that "the Iraqi Central Bank introduced a competent circle small loans," pointing out that it "will give policy implementation, supervision and checking on those loans."

Expert warns of the potential downsides
For his part, counting an economist that "small loans involving cons about being not studied in depth," warning of "the possibility of acquisitions by private banks through fictitious names."

Said Hassan al-Asadi, said in an interview to the (long-Presse), "The economic sector was neglected in 2003 ago and even now, with plans or legislation enacted what encourages the private sector to promote Bdhor be required did not include", he returned to "loans constitute a positive step to support the industrial and agricultural sectors. "

And saw al-Asadi, that "small loans involve some drawbacks, because the state used to be pumped about random loans without in-depth study."

He accused the economist, "the private banks which would grant small loans, to prepare lists of fake names, to pull the largest part of the $ trillion and 500 allotted billion dinars," likely "not achieve the desired micro-credit as a result of the lack of data or in-depth studies for distribution base, along the lines of What happened in the agricultural initiative, and housing loans that have not achieved the desired ones. "

And saw al-Asadi, that "the first state was careful to launch small loans until the preparation of studies on them."

The Central Bank of Iraq, said in (the 23 of June 2015), the launch of loan amounts medium and small enterprises by the Iraqi private banks beginning in July 2015, while between that loan amounts of up to 50 million dinars, he stressed that banks benefit will not exceed 5.5 percent.

The Iraqi Association of private banks, announced in (the 13th of September 2015), the Central Bank announced the launch of an increase of half a trillion dinars, the budget allocated to the financing of small and medium enterprises, to stimulate the private sector and promote employment opportunities for young people.