EFI proposes lending vital Project 2000 and calls for including "project map"

2016/06/05 12:04


Count the National Business Council, said Sunday the loan program launched by the Government due to its proposals to Government and Parliament, with the Iraqi Federation of industries emphasized the need to develop a road map for the projects to be loaning out first, a proposal to start a vital Project 2000 first to enable them to contribute to the strengthening of national income and occupy the largest number of labour, economic expert attributed the delayed launch program for routine and having sought to "disrupt" the advancement of the Iraqi economy and domestic production.

National Business Council President said Dawood Abd roar, a (range), economic restructuring program launched by the Government recently is caused mainly by private proposal to the Cabinet and the House Economic Committee ", stating that" loans made by the Cabinet aimed at updating the production lines for the private industrial sector and encouragement of local production. "

Scio was Prime Minister Haider Abadi, on Wednesday (1st June 2016), to launch industrial and agricultural and residential loans, amounting to 6 trillion 500 billion dinars, "a quantum leap" to restructure the Iraqi economy and address the "imbalance" currently afflicting, indicating that it aims to enable the private sector to take a course to promote the economic reality and overcome the difficulties facing it, providing the cash needed to rehabilitate or factories and modern plants, reducing recession caused by low oil prices.

In turn the Iraqi Federation of industries Minister said Saadi Al-subeih, told the (range), that "the Union's priority is given to projects that have been discussed with the Government, such as construction and food industries and manufacturing", calling on the Government to "involve the Union when developing a roadmap for projects which should start lending first, having participated with in the preliminary steps and gave her his vision and agreed with her represented by senior members.

Saidi stressed the need for "Government use EFI at its steps to revitalize the industrial sector rather than others unconcerned, attributing the reason to the" Union has 12 varieties and 12-member Board of stakeholders oversees 50 industrial project. "

EFI Chief, that "33% of loans by the Government are insufficient to promote private industry", calling for "start lending vital Project 2000 first to enable them to contribute to the strengthening of national income and occupy the largest number of workers, to be thinking about other projects later.

Loan distribution mechanism included by the Premier's Media Office, dividing the amounts allocated to the various sectors, primarily housing, through the allocation of 1, 700 billion dinars for the Housing Fund and Mortgage Bank, the industrial sector, which has a 650 billion dinars through industrial bank, the third agricultural sector by allocating a further 650 billion dinars and the agricultural Bank, the 1, 500 billion dinar for micro-enterprises through private banks.

With these loans will be distributed to the provinces under the 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, and that the student loan company or association or individual Iraqis Iraqi 22 and full legal capacity, and interest on loans to the housing sector by two percent and four percent for the rest of the species.

Economist, said in an interview with Antoine name (long press), that "Government loans approved for nine months following the Premier's Office program to revive the agricultural and tourism sectors," attributing the delays to "the few customizations made by the Central Bank of Iraq".

Antoine, expressed regret for the "loan late tumble as a result of routine and having sought to hinder the advancement of the Iraqi economy and domestic production."

Economist, stressed that "the Council of Ministers also approved electronic loan tracking card to prevent corruption that may be," describing them as "a good step, and that it was too late."

Antoine drew to the private industrial sector, prioritize those loans as large employment projects and those that sing about import and add to GDP, "afterthought," but the problem lies in the limited loans to the industrial sector and its inadequacy which requires a package of measures to support the industrial sector, including power supply and infrastructure in industrial areas and not be tied to those loans and guarantees demands is insurmountable. "

The Central Bank announced, (23 June 2015), the release of the loan amounts to small and medium-sized enterprises by private Iraqi banks early July 2015, while the loan amounts of up to 50 million dinars, the benefit of the banks will not exceed 5.5 percent.

It is said that Iraqi private banks Association, announced (13 September 2015), launched the Central Bank increase of half a trillion dinars, the budget allocated for the financing of small and medium-sized enterprises, to stimulate the private sector and promote employment opportunities for young people.