Government fears hamper launch 6 trillion dinars to support the private sector

2016/12/06


The Iraqi Government is wary of launching the Central Bank to finance agriculture, industry and housing and property amounting to 6 trillion dinars, for not going into the pockets of corrupt and disable real feasibility, economic development through tightening those wishing to borrow.

Classified loans for projects in the agricultural and industrial sectors into four categories, the first microfinance gives her tops $500 million dinars, the second SME loans tops three billion dollars, the third large project loans tops $20 billion, the fourth major project loans over 20 twenty billion dinars. The interest rate on loans 4% annually.

The spokesman attributed the Ministry of planning, Government launch delayed Hindawi abdalshrh loans to citizens for fear of failure to achieve economic development through her going to the pockets of other beneficiaries.

Hindawi said in his speech to "run", "the Central Bank initiative launched over a year ago $6 trillion dinars for lending to industrial and agricultural sectors and housing problem but the President behind non-activated controls", stating that "being special controls and access to credit through State banks.

He stressed that the main problem behind the loans not going not to the rightful owners of that loan Committee decided which wants to borrow to provide guarantees for the realization of projects to achieve the development goal to revitalise the economy, "adding that" the country is suffering from a housing crisis and Central Bank initiative include construction and purchase of residential units.

He noted that "after the launch of the loans and activate industrial and agricultural projects that could reduce poverty percentage of 30%, 20% and unemployment through labour and lessen imports over domestic product protection."

But Iraqi businessmen Union, a non-governmental organization, delayed releasing loans due to weak heads of specialized banks and not having qualifications in dealing with such a great initiative.

And the Union of businessmen, willing blibel, "satisfaction" the term "initiative launched by the Central Bank to finance private sector to activate the sectors of industry, agriculture and housing disrepair for lack of demand by citizens and entrepreneurs truth because of complicated procedures set by the Iraqi Government," he said, adding that "the industrial sector has 1.350 billion dollars but mine which set the conditions for the benefit of the industrial sector.

"The Government changed the bank managers after pressure from institutions and economic organizations and brought sincere persons but do not have the qualifications that they can carry out such important economic initiatives", explaining that "the industrial sector so far hasn't taken any loan to production and labour".

He explained that "some conditions cannot be achieved at the moment of loan holder must have commercial or industrial estate to be guarantor to repay funds", noting that "the second flaw that any person who imports of equipment and machinery must be tsord in the name of Industrial Bank.

He pointed out that "granting loans to industrialists and real farm can contribute to the development of the economy and some people sometimes called haphazardly that money and loans going to the minor things such as car buying and renovating a House.

Economists commented on the Government's apprehension of not releasing such loans, Economist Salam Ishmael to "range", that "Iraq has not learned many of the loans that go mostly to the pockets of the corrupt in the past years," he said, adding that "any agricultural or industrial undertaking will serve the Iraqis through labour and therefore not to import goods from neighboring countries and reflected positively on the growth in the economy."

He noted that "the Government did not credit a good thing for these funds go to people who have fake projects especially to some major spoilers are trying to acquire these loans."

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