Kammelna all the requirements for the granting of loans for industrial projects
Kammelna all the requirements for the granting of loans for industrial projects
Director General of the Industrial Bank of justice:
Confirmed in bank manager industrial Mr. Kazem fistula completed the bank all the requirements for the granting of loans for industrial projects which amounts allocated in the government program which is under the industry initiative is the name actually are loans granted by the Central Bank of Iraq to the bank for the purpose of lending to Alsnaaaan.sv fistula in a statement to the justice that the bank Industrial completed all the requirements and establish internal controls to friendly was the business division of the staff, branches and authorized signatories and prepared an independent books so systems and electronic form filled out by the applicants and the form of quadripartite committee by the bank and the Directorate General for Industrial Development and the Federation of Industries and the Iraqi administration technology program at the Central Bank of Iraq to put All what is required by these entities in electronic form listed to enable the four aforementioned entities from obtaining information requested by immediately and electronically with the form .vdila for building electronic links among the four parties to this end, noting that during the next two days, the bank will send another group the feasibility of industrial projects in order to be sent to the High Commission problem in the Office of the Prime Minister competent assessment of feasibility studies for industrial projects for the purpose of approving studies and returned to the bank to agree or not to the bank after it detects field in the provinces in them by the two main Commission first is the Commission for technicians and experts and that reveal the machinery and production lines that already exist in the project and evaluated at current prices the Second Committee, the Committee for disclosure of the applicant's commitment to the implementation of 20% of the total project cost and the disclosure of mortgage guarantee provided that the land of the factory that was the king of the exchange in his name or decades long rent or Musataha which has to enable the Bank unify the idea of these two committees and their observations in a single report presented to the credit committee of the bank, headed by the Director General, considering the limits of the needs of those projects and their conformity with what is mentioned in the feasibility studies submitted and obtained approval of the Supreme Committee them for the purpose of presentation to the Board of Directors Meeting to take a decision on the allocation of funds, said Mr. Kazem fistula, Director General of the Industrial Bank if. These amounts were under the (22) billion dinars shall be the authority of the Council adopting and implementing after briefing the Minister of Finance at the Council Meeting Minutes according to the law and whether the amounts in excess of the amount stated, the Board recommended to the Ministry of Finance procuring the consent of the Council of Ministers on this allocation for its implementation In all cases, the parties that will be of great importance in the implementation of this program is the Directorate General of Industrial Development and the Federation of Industries of the Iraqi supposed to submit or both, or either of them testimony to establish the project or as a project under construction and are responsible for the safety and health of all proceedings before the issuance of that certificate .vdila that the Commission Supreme problem, Prime Minister's Office which gives the approval or not on the feasibility submitted a study in the Iraqi Central Bank, which provides the mechanism for implementing the amounts allocated in this program for the import of production, machinery and raw materials lines under the mechanism set by the Central Bank to open letters of credit by banks inside and outside Iraq, which prepares Payment tools for companies processed in their countries with a bank full its divisions and its organs which the disclosure and, estimates and query banking for customers and risk assessment in every customer and project and compilation of the approvals of the above targets and then unified incorporated in the Board of Directors at its ordinary or extraordinary decision by noting that. Industrial Bank's share of the government program is the third of the amount of the total amount of five trillion Danaroualemsrv awaiting approvals for projects submitted to the High Commission as well as we get the opening credit by the central bank Alaraca.utalb Mr. Director General of the Industrial Bank quickly mechanism completion of lending transactions by the bank and industrial development, the Federation of Industries of the Iraqi Central Bank, the mechanism of credits and the Supreme Committee to ratify the feasibility Alaguetsadah.oualemsrv study needs in all their dealings, according to the internal controls within the Bank whether the Board of Directors decisions require time to two months maximum to obtain the approval of a ceiling higher and in the issues that are the prerogative of the Director of General and initiative authority to the Director-General is 500 million dinars down can be given approval by the Director General of Almsrv.wachar that what has increased from 150 million dinars requires the preparation of a feasibility study and below this amount the bank to Aatalb often this feasibility study, but based on estimates and Almhahdh.wachar This amount is not dedicated drainage in Iraqi dinars for the project inside Iraq, but dedicated to the import of the entire production line or machines compensatory coefficient list or raw materials for Ataatovr inside Iraq .msheera It's all available from foreign markets and thus these amounts cash will does not give However, the buyer, but rather through a letter of credit opened by banks among themselves to secure and maintain the arrival of goods controlled and insured and consent to the terms of the state and this is important in the work of banks, stressing that the Industrial Bank continues to develop an annual plan for the Atman banking has implemented during the plan year .uan 2015, the bank granted dozens of small, medium and large Loans and industrial projects credit of that plan.
The bank has noted a significant number of applicants has benefited from bank credit last year has taken the bank into account these observations in the current plan, which got the Minister of Finance approval and began the bank in its implementation which is based on a number of elements which lend 50% of the Bank's resources available for lending to manufacturers for the purpose of implementation of individual projects and companies, while 50% of other went to the lending business in Iraq, including small projects for artisans and employers licensed from sectoral bodies in addition to the industrial processing of car production related industries for their business list that was used in the product, and transportation of one place to another or in the transfer of workers at the factory.
Bank in this section has a debt of a number of manufacturers have accumulated from the previous because of discontinuation of payment General for obvious reasons related to wars and Aldharov security and interruption of a lot of the required work such as electricity, transportation and other means have included the current year's plan urged industrialists to pay those debts or agreement with the bank on scheduled duration of reasonable preparation to make industrial and industrial companies eligible to request industrial loan initiative.
Mr. Director General of the Bank of industrial and stressed the need for the inclusion of the mixed sector these loans as large companies the government has made great efforts in its establishment as a mixed companies and has the public sector a large share of capital in such companies as the Industrial Bank had previously granted loans are not a few of them had been unable to recovery of these loans .fmn first section to the existing industrial projects that have industrial production that was in the mixed sector or the private sector have a priority to expand and improve the product being productive if they are needed money contribute to the expansion and increase its capacity becomes a binding interest in the industrial sector the product and after the granting of loans for new projects are being untested projects and there is no vision the administrative potential and experience they own as well as that market is not formatted any still in the door of expectations and he needs to look for markets and this process Snin.mnoha need that the industrial sector mixed private sector and the current product is known as its market and knows its needs and his ability is need this Alamwal.mbana that the money from our point of view does not give, but under the terms of operation of the hands of an extra worker responded loans precedent and the granting of the bank and a commitment to repay these loans in a timely manner and in this case will be to Ananaj to many guarantees as existing projects are almost ensure themselves. In the same time we give a third precedence to the new establishment of projects for satellites known in terms of financial disclosure and reputation of banking as well as the need for a product that intend to produce to the need of the country to him and falls within the feasibility study Alih.wacharaly official data indicate that the high oil prices, the prospects are weak and may continue to fall to less Andzlk costs and it is no longer worthwhile to sell the product in the same or less cost. Accordingly, we will be forced to find other resources and the country needs to financial abundance in the short term and it is pointless to put a billion dollars and we get the material back after three years, and we need him during the current short period .uallah it is worthwhile to give amounts for huge projects and the duration of a long repayment term. Therefore confirm that the existing projects that are on the map by the competent authorities sectoral in Baghdad and the provinces are to be taken into account whether the mixed sectors, the private sector and then we come then to new projects or add a new production line at an existing project or import raw materials .obnevs While we know that the banking system is financed these projects from various civil and government banks, including the Industrial Bank, which is called the industrial lending usual He pointed that the bank gives three types of industrial loans, a construction of industrial projects and the purchase of machinery and production lines and the purchase of raw materials.
He said the bank will take the benefit of this year interest rate of 9 percent after it was more than 10% in the last year and strive to be reduced later to 8% in the light of the potential and Living situation the market and the cost of money, a reasonable proportion. As interest Industrial Initiative proportion are identified by 4% to be 2% of them to the Central Bank of Iraq and 2% of the bank lender .uan bank measures to Mtbeefan for debt repayment fistula noted that the bank
It will does not include industrial defaulters to pay previous debts and so will not getting the opportunity encompassing the industrial initiative, but in the case of his commitment to the implementation of each bank's requirements and Booqatha specified will be 100% qualified to accept his request lending of industrial initiative. So the bank announced for industrialists to pay off their debts through financial settlement any can Scheduling Industrialists defaulting loans with the scheduling of loans through the land of real estate or assignment of real estate building or reimbursed in the form of payments on the number of years .ollazlna ask the Iraqi Federation of Industries specifically being a specialist reference to them that they are urging them to pay under Mnzawan members of this union is represented by access to bank loans and represent them in any privileges can be obtained from various quarters as it helps them to find different markets for the marketing of their products, whether the sales of the state, through a contract with the ministries and other government departments or to open markets for them outside Alarac.ocd that the bank's plan to open new branches during the current year 2016 in the provinces of Kirkuk and Samawa and Diwaniya, central and Baghdad a new branch and Albesrho second branch as well as to open a branch in the province of Arbil to serve customers who have projects outside the region .obin that our branch in Mosul is turned off as a result of the terrorist operations carried out by Daash criminal gangs.