Agriculture announces the mechanics of the Central Bank granted loans for agricultural projects

Views 26 Date 07/18/2016 - 02:48

Economy News / Baghdad ...

Ministry of Agriculture confirmed the launch of agricultural loans provided by the Central Bank of Iraq by the ACB by 33% and equivalent to (1.650) trillion six hundred and fifty billion dinars.

The official spokesman for the ministry spokesman Hamid Naif said in a statement "the economy News" received a copy of it, that "the committee formed for this purpose has completed the preparation of guidelines and instructions, according to the functions and mechanisms of lending approved by the Prime Minister was preparing a detailed report for the preparatory phase."

And that "the Ministry of Agriculture an important role in the work of this Committee represented by the Department of Planning and Follow-up through its participation as an effective member in the development of ideas and visions that have contributed to the results with the relevant authorities in the Prime Minister's Office," he said, adding that he "was approved on the mechanics of the launch of the electronic forms to apply for agricultural, industrial and residential loan application as stated recommendations of the Higher Committee for loans CBI distributed to various projects including small and aimed at providing job opportunities for young graduates and women, including working to raise the standard of living of citizens and move the wheel of development. "

He said that "the Ministry of Agriculture circulated the mechanics of launching the electronic forms of agricultural loans to all departments and companies and its directorates, pointing out that the presentation is through the electronic format for the site of the Committee and after the acceptance of the project is the introduction to the ACB."

He said the "Compendium of lending mechanisms for small projects (500) million medium-sized enterprises (3) billion dinars large and for projects in excess of 3 billion dinars and not more than 20 billion dinars and strategic projects that more than 20 billion dinars, where the duration of loan (5) years, except for a period of grace for a period of one year. "

Adding that "the distribution of loans to the provinces takes place and in accordance with the credit plan by the competent bank and 80% as a standard spatial and 20% as the standard for the degree of poverty in the province of ratios."

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

1-be student loan Iraqi company, association, or old person does not exceed 22 years and over and fully qualified.

2. must submit a feasibility study for the project, which increases the loan for (KD 150 million) of registered consulting office at the Ministry of Planning, or any competent authority and certified after it verified the bank borrower's request and completed requirements raise the request to the Supreme Committee for recommendation for adoption and approval.

3-adoption leave the project window, such as non-objection from the relevant authorities in order to give the project loan
By the Agricultural Bank.

4. entrepreneur offers the beneficiary of the loan and an insurance policy issued by an Iraqi company.

5. The loan accounts for 80% of the cost of the project that are implementing 20% ​​of the cost of the project as a condition for lending, it can issue a preliminary agreement on lending by the direct project the requirement to provide the borrower bank guarantee equal to 5% of the cost of speculative after the completion of 20% of the project

6. The loan will be a 5-year grace period except for a period of one year from the day the first batch of student loan disbursement.

7. be the interest rate on loans granted to Mishari percentage (4%) per annum
Naif said that the process of obtaining a loan made after the completion of all the project approvals where the presentation is by filling out the electronic form via the Internet in the High Commission site (financing After the success of the application process are reviewed ACB to follow the procedures for obtaining the loan.

Stressing that there is a quota for the amount of the civil private banks (1.5) trillion dinars for the granting of loans that are more than 50 million small and medium enterprises.

Calling all investors to take advantage of these loans to contribute to the development of the agricultural sector and down to achieve self-sufficiency, which after the cornerstone of achieving food security for our country Aziz.

Content link