Government announces its pursuit to provide 250 000 jobs in the private sector 6-1
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    Government announces its pursuit to provide 250 000 jobs in the private sector 6-1

    Government announces its pursuit to provide 250 000 jobs in the private sector

    June 1, 2016, 7:47 PM

    Government lending program.

    Commitment of the Government to implement the comprehensive reform programme announced by the axes a few months ago the Cabinet agreed at its meeting yesterday to launch a Government loan for housing, industry and agriculture sectors amount (5.6 trillion dinars) within the axis of economic reform through which it sought to restructure the Government and direction of the Iraqi economy in the way that ensures proper residence and diversify and moved from a productive economy and REI, transforming the economic system of the State of the consumer's system to multiple production system resources.

    Immediate approval came with launch loans to constitute a quantum leap in the course of restructuring of Iraqi economy system and a landmark in the path of a new vision for addressing the situation currently afflicting imbalance which blatantly emerged shortly after the collapse of oil prices in world markets necessitating Government initiate drastic and decisive treatments under the push towards the country's economic situation recovered.

    In this context we would like to point out, among other important points regarding the Government's vision and objectives and mechanisms of lending:

    With respect to the first vision: the Government seeks to enable the private sector to take its role in promoting the economic reality of the country through the difficulties facing him, providing necessary liquidity through soft loans and benefits suitable for rehabilitation and the establishment of factories and modern plants, and help move the market economy, and reduce the recession happened because of low oil prices.

    II. with regard to the objectives pursued are as follows:

    1/to provide new job opportunities for the private sector estimated at 250 000 jobs include: (young, class graduates, women heads of households, disabled, rural population) in the sectors of housing, construction, industry and agriculture.

    2/help address the housing crisis, create or buy more than 36000 units.

    3/to encourage the private sector to rehabilitate and operate the plants stalled productivity, introduce modern technologies with over 330 plants and factories.

    4/manufacturing raw materials and supplies for industry and agricultural and industrial manufacturing industries.

    5/to promote projects in the industrial cities.

    6/reduce the import of commodities and products through national industry goods substitution and Iraqi agricultural products over 50 commodity or product.

    7/the national export promotion competition for products and goods to other countries, producing ten items for export.

    8/ Legalizing foreign currency display and reduce demand by 10%.

    III. mechanisms of lending, and are as follows:

    1 assess the amounts allocated to the various sectors of lending, as follows:

    A/the housing sector: through the Housing Fund and mortgage bank 1700 billion dinars.

    B/the industrial sector: through industrial bank 1650 billion dinars.

    C/agricultural sector: through the Agrarian Bank 1650 billion dinars.

    D/micro: through private banks 1500 billion dinars.

    2/these loans are distributed to the provinces as a credit plan offered by the relevant Bank and 80% as a standard for demographics and 20% as a standard for the degree of poverty in the province.

    3/to be student loan Iraqi company or association or individual Iraqi 22 years old and fully competent.

    4/be interest on loans 2% for housing loan and 4% for the rest of the loans

    5/the amounts allocated to each loan is as follows:

    A housing loan of 50 million dinars.

    B/loans of the industrial and agricultural sectors as follows:

    -Microfinance tops 500 million dinars.
    -SME loans tops 3 billion dinars.
    -Major project loans of more than 3 billion dinars provided that does not exceed the maximum 20 billion dinars.
    -Strategic projects loans exceeding 20 billion dinars.

    6/the duration of the loan is as follows:

    A/10 years for housing loan.
    B/five years for loans other than grace period for one year from the date of disbursement of the first instalment of the loan applicant.

    7/the competent Bank launched the website and direct phone line for the purpose of pursuing the borrower stages of completing his treatment.

    8/ Adoption site detection on the project to be financed and on real estate guarantee (if any) and electronic systems to control and monitor projects well executed, linking these systems to the General management of the Bank, and provide monthly reports to the Supreme Committee supervising the lending programs and posted on the Bank's website and the High Commission.

    9/General management committees of the Bank continue to verify the proper implementation of the project and continuing work and grant procedures audit carried out by branches or offices.

    10-Bank on borrower information update periodically.

    11/quality certification procedures for borrowing projects under this program.

    Last edited by RCookie-Legacy; 06-01-2016 at 06:21 PM.

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