Agriculture agricultural lending mechanisms of Basra announced

2016/7/31 12:45

{Baghdad: Euphrates news} announced Sunday, Basra agriculture launch agricultural loans by the Central Bank of Iraq.

In a statement, the Directorate reported, the Agency received a copy of {Euphrates news} today, "agricultural loans was fired from the Iraqi Central Bank by the ACB as mechanism of action, where the introduction of agricultural loans through electronic forms to encourage investors to take advantage of these loans to help in development of the agricultural sector to achieve food security."

"The firing mechanisms of electronic forms to agricultural loans referred to the decision of Council of Ministers No {152} the year 2016, which got approval to launch e-form mechanisms to apply to industrial, agricultural and residential loan amount {6 trillion 500 billion dinar} spread over various projects including aimed at providing job opportunities to young people and graduates and women working on raising the standard of living of citizens and move the wheel of development.

"Bottom line included lending mechanisms for small/maximum {500} million dinars, medium/maximum {3} billion dinars, and large projects in excess of {3} billion dinars and not more than the {20} billion dinars, and strategic projects {exceeding 20 billion dinars}, loan 5 years except grace period for one year, through the Agrarian Bank.

She noted that the "Supreme Committee of the Iraqi Central Bank loans issued four regulations included {distribution loan amount by provinces and sectors, economic and social objectives and indicators, obtaining the loan, agricultural and industrial sectors projects map by province".

It showed "begins the process of getting a loan application by filling out the electronic form online at HEC website { finance}," after the success of the application process, review the ACB to follow procedures for obtaining the loan.