Fistula: near the launch of the initiative industrial loans
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    Fistula: near the launch of the initiative industrial loans

    Fistula: near the launch of the initiative industrial loans

    January 13, 2016 16:55

    Baghdad / follow-up Zora:
    Director General of the Bank of industrial Kazem fistula detect the near implementation of industrial initiative announced by the Iraqi government by granting loans for industrialists funded by the Central Bank of Iraq.

    He said fistula in a statement that the bank sent more than 20 industrial projects to the High Commission in the Office of the President Minister for the purpose of evaluate the economic feasibility studies for these industrial projects and approval.

    Noting that these projects of major projects competent food and pharmaceutical industries, petrochemical and oil and others which will contribute to stimulate and support the national industry in Iraq, it represents an important economic tributary ethnic government is seeking advancement again and relied upon as a resource fiscal second after oil, which is witnessing a sharp decline in prices during the present time .

    He fistula that the bank completed all the requirements and the development of internal controls to the process of lending was the business division of the staff, branches and authorized signatories and prepared an independent books so systems and electronic form filled by applicants for the purpose of presentation to the Paradise Quartet of industrial bank and the Directorate General for Industrial Development and the Iraqi Federation of Industries of this and Management Technology program at the Central Bank of Iraq to put all what is required by these entities mentioned in the electronic form to enable the authorities of the four aforementioned entities from obtaining information requested by immediately and electronically with the form.

    As well as building an electronic network among the four parties to this end. He continued fistula that the bank will send another group of the feasibility of industrial projects studies for the purpose of sending to the Supreme Committee problem in the Office of the competent prime minister assessed the feasibility studies for industrial projects for the purpose of approving and returned to the bank to agree or not to the bank after it detects field in the provinces in them by the two committees.

    The first main Committee is a committee of technicians and experts, that reveal the machinery and production lines that already exist in the project and evaluated at current prices.

    He said: The Second Committee is a committee disclose the applicant's commitment to the implementation of 20% of the total project cost and the disclosure of mortgage guarantee provided that the land of the factory that was the king of the exchange in his name or decades long rent or Musataha which has to enable the Bank unify the idea of these two committees and their comments in One report submitted to the credit committee of the bank, headed by the Director General, considering the limits of the needs of those projects and their conformity with what is mentioned in the feasibility studies submitted and obtained approval of the Supreme Committee them for the purpose of presentation to the board meeting to take a decision on the allocation of funds.

    Fistula and pointed out that the loans will be less than the value of (22) billion dinars and will be the prerogative of the Council adopting and implementing after briefing the Minister of Finance at the Council Meeting Minutes by law Taking the amounts in excess of the amount stated, the Board recommended to the Ministry of Finance procuring cabinet approval This allocation for its implementation.

    He said that the signs of the industrial initiative will be into Altiv the event of a bank approvals on the projects submitted to the High Commission as well as we get the mechanism to open the credit by the Central Bank of Iraq.

    He said fistula that the share of the Industrial Bank of the government program is one-third of the total amount of five trillion dinars.

    He stressed that the priority of fistula loans will be granted to the industrialists who enjoy the new industrial reputation as well as possession of financial disclosure and reputations banking. Noting that the bank will does not include industrial defaulters to pay previous debts.

    He noted that the interest rate for industrial initiative set at 4% 2% of them to be the central bank and 2% of the bank Almkarz.sdr agency economic dinars
    Last edited by Loopback; 01-13-2016 at 06:12 PM.

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