The Central Bank: Financing projects is linked to their developmental importance
Economy News – The Central Bank of Iraq confirmed, on Thursday, that the process of financing project loans is related to their importance in the development of the Iraqi economy, and that the bank conducts a periodic review of lending mechanisms according to the requirements of economic and financial conditions.
An authorized source in the bank said, in an interview reported by the official newspaper “Al-Sabah” and seen by “Al-Iqtisad News”, that “the competent committee is setting up a mechanism for granting loans, directing the lending policy to support small, medium and large projects in a manner that serves the objectives of economic development in Iraq, and approving development projects. Lifted by banks, which aims to (reduce the import of goods and products, provide a greater number of job opportunities for young people and establish a developed local industry).
He added, “Our policy supports and encourages the establishment of industrial and agricultural cities to diversify sources of income in the Iraqi economy, and works to simplify the procedures for approving the establishment of projects subject to the approval of the relevant government agencies.”
He added, “This committee is also working on reviewing lending mechanisms and guidance on modifying them according to the requirements of the economic and financial conditions that the Iraqi economy is going through, and the committee has the power to host representatives from the private sector to participate in its meetings and form technical teams to discuss the implementation of loans.”
Regarding the priorities of granting the loan for strategic projects and whether the loans are limited to projects with an investment dimension, the source explained that “the priorities of the loan for strategic projects are summarized in the extent of the project’s impact on the economic development process and reducing unemployment by attracting various segments of society in various sectors to ensure acceleration.
Sustainable development for the economy to recover and the sources of income to be diversified, and project financing is not limited to the investment dimension only, but the financing goes to granting housing loans for the purpose of facilitating the requests of citizens wishing to purchase housing units inside and outside investment housing complexes.