Announces Central Bank loan mechanisms for agricultural projects

2016-07-17 12:38

Baghdad scales news

The Agriculture Ministry confirmed the launch of agricultural loans from the Central Bank by ACB by 33% and equivalent (1, 650) trillion six hundred and fifty billion dinars.

And Foreign Ministry spokesman Hamid's statement received/balance news/copy, the problem for this purpose completed setting up the controls and instructions according to the approved lending mechanisms functioning by Mr Prime Minister and a detailed report was prepared for the preparatory phase.

The Ministry of agriculture has an important role in the work of this Committee, as represented by the Department of planning and follow through participation as an active member in the development of ideas and visions that helped its results with the relevant authorities in the Office of the Prime Minister, adding that "firing mechanisms were approved electronic forms to apply for agricultural and industrial and residential loans pursuant to the recommendations of the Supreme Committee for the Iraqi Central Bank loans allocated to various projects including small and aimed at providing significant employment opportunities for young people and graduates and women Working on raising the standard of living of citizens and move the wheel of development ".

He said that "the Ministry of agriculture distributed electronic forms release mechanisms of agricultural loans to all circles and companies and its directorates, pointing out that the introduction through the electronic form to the Commission website and project submission to the ACB.

"The abstract lending mechanisms for small (500) million SMEs (3) billion dinars and large projects in excess of 3 billion dinars and not more than 20 billion dinars and strategic projects of more than 20 billion dinars where loan (5) years, except the grace period for one year".

"The distribution of loans to provinces credit plan is approved by the appropriate bank and 80% as a standard for spatial proportions and 20% as a standard for the degree of poverty in the province."

The conditions of access to agricultural loans made in accordance with the following controls:-

1. the student loan company or association or individual Iraqi age not exceeding (22) and over and fully competent.

2. you must submit a feasibility study for the project, which increases his loan (150 million) of advisory offices registered with the Ministry of planning or any competent and certified after the borrower's request bank checks and updates the requirements raises demand to higher Committee for recommendation and approval.

3. adoption leave the project window as no objection from the relevant authorities to project for loan

By the agricultural Bank.

4. entrepreneur recipient of loan insurance policy issued by an Iraqi company.

5. the loan contributes 80% of the cost of the project to be implemented by 20% of the project cost as a condition for lending, and issuing tentative lending before the project provided the borrower credit 5% of speculative cost after completion of 20% of the project

6. the duration of the loan five years except grace period for one year from the day the student loan disbursement of the first instalment.

7. the rate of interest on loans granted to projects (4%) Annually

Carey's explained that the process of obtaining a loan made after completion of all project approvals where you apply by filling out the electronic form through the Internet site ( funding) after a successful application process is reviewed ACB to follow procedures for obtaining a loan.

Stressing that there is a quota for private banks eligibility amount (1, 5) trillion dinars for loans not exceeding 50 million for small and medium-sized enterprises.

Calling all investors to take advantage of these loans is to contribute to the development of the agricultural sector to achieve self-sufficiency and yet essential for achieving food security for our dear country.