EFI complain overdue loans and higher interest .. and the central bank intends to reduce


Baghdad / long - Presse Ibrahim Ibrahim

Declared the Iraqi Federation of Industries, on Tuesday, not to manufacturers for loans announced by the central bank so far, he promised that the interest rate imposed on them "high" and it should be "zero", as an economist for the starting lending operations beginning next month revealed.
The head of the Union Ali Sabih, said in an interview to the (long-Presse), said that "any industrial did not happen after the loan announced by the Central Bank of Iraq for the banks sector, including the Industrial Bank, of 33% of the total five trillion dinars, equivalent to nearly one billion and three hundred million dollars," noting that "the Union is working on this subject a year ago, and the industrial Bank is still waiting for the central bank raised the forms that allow covered access to those loans."
He attributed Sabih reasons "delayed release of loans to" the fear of some of the decision-makers she went to the unallocated places, "returned to the" unreasonable to argue with such weak excuse and disable the entire sector while should sacrifice and move forward to fix it. "
President of the Iraqi Federation of Industries and stressed that "what was allocated from the amount of the industrial sector can be a first step, although it is not commensurate with the size of the destruction that happened to him after the year 2003, especially that between 80 to 90 percent of the laboratories and factories Off," noting that " the central bank imposed a coupon of four percent on industrial loans, rose two percent for industrial bank and the same for him. " He said Sabih that "those high interest and it should be zero because the industrial sector in Iraq is out of business for 13 years, suffering difficult circumstances, as well as the existence of unfair competition suffered by them as a result of flooding the local market to the imported goods and non-activating and supporting the laws of the domestic product." . In turn, the economist said Bassem Jamil Anton, in an interview for the "long", he was "at a meeting of the central bank governor on the Keywords with a group of economists and money for research grants industrial loan and overcome the obstacles that hinder investors cashed practical mechanisms".
"The meeting immobilized flaws which notably routine mechanisms of the banking system and arbitrary conditions in addition to exaggerate the interest on the loan, which placed in front of industrialists for their access to loan ratio."
He explained Anton that "the beginning of next month will see the launch of lending to all target sectors, namely industrial, agricultural and residential operations through an electronic mechanism where it is withdrawn form carrying Koda certain can not be falsified and belong to the person itself without the other to control the ways of corruption and extortion that may occur."
He said the "industrial loan aimed governor industries including raw materials that go into a large number of products and textile industries and multi-food industry."
Anton said that "industrial loan amount represents one-third of the total amount of $ 5 trillion dinars where payment has been divided into three sections according to target sectors (industrial, agricultural and residential) and the industrial sector's share was nearly one billion, six hundred million dinars."
Meanwhile, a source in the Iraqi Central Bank revealed "went to cut interest assessed on industrial loans to support this vital sector."
The source, who asked not to be named, said in an interview to the (long-Presse), said that "the Iraqi Central Bank intends to interest imposed on the industrial bank loans reduced," noting that "the decision needs to be approved by the Board of Directors to take the legal form becomes feasible."
Referred to the Central Bank of Iraq, it announced in (the eighth of August, the last in 2015), the launch of an initiative to support the agricultural, industrial, real estate and housing fund banks with loans amounting to five trillion dinars, for the recovery of the economic situation and support the productive sectors.