Economy: the need to grant loans on projects to eradicate corruption
October 19, 2015

The Parliamentary Commission on the economy and investment need to grant loans for projects to eliminate the phenomenon of corruption in the distribution mechanisms.

According to Chamber of deputies in a statement obtained by the news agency of our economy that the Subcommittee supervising the follow-up mechanisms for the disbursement of loans to banks and the economy, daift in meeting chaired by mp Ahmed Salim Al-kinani, managers of industrial and agricultural banks and housing, to discuss the distribution of Central Bank loan mechanisms for small and medium-sized enterprises.

Al-kinani said during the meeting that the Committee on the economy, the Central Bank took loan initiative for sectoral banks of 5 trillion dinars, of crucial importance, as it came with a recommendation by the Committee during the International Conference held in investment law last month, after it touched a recession across economic sectors included in the country due to low oil prices in the world market.

He noted that the approval of the Central Bank and Government came in the form of s is, as one of quick solutions to maximize the financial resources of Iraq through the revitalization of the industrial, agricultural and housing and any other projects adopted by the private sector.

"The benefits of this initiative are many and great, there is cash accumulated by the Central Bank under-utilized optimally, and will also stimulate industrial and agricultural sectors, housing and other sectors to be submitted on the loan and, more importantly, to stimulate these sectors will reflect positively on the absorption of large numbers of the workforce and the creation of additional jobs that will reduce poverty and unemployment and benefit from the expertise within the private sector."

Members of the Committee stressed the need to grant these loans for projects to eliminate the phenomenon of corruption in the distribution mechanisms and to exploit the loan passively through directing things outside the goals for which they were allocated.

For their part, the banks ' managers during their review of the approved mechanisms for distributing loans "that Central Committee adopted conditions impossible to circumvent or tamper with or circumvent the instructions, you cannot exchange any amount without a draft based on the ground and reached the proportions of good achievement."