Association of Banks: Riyada Bank is a turning point in the banking sector

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Baghdad - Conscious - Hassan Al-Fawwaz
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Today, Tuesday, the Association of Iraqi Private Banks confirmed that the Riyada Youth Support Bank will be a turning point in the banking sector, pointing out that there is a tendency to establish a loan guarantee company for small and medium enterprises. 
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, told the Iraqi News Agency (INA): "The Governor of the Central Bank, Ali Al-Alaq, announced several projects, including the establishment of a Riyada Bank in line with the initiative of Prime Minister Muhammad Shia'a al-Sudani as a Riyada to support youth."
He added, "Riyada Bank will be established by private banks with the support of the Central Bank of Iraq and the Association of Iraqi Private Banks, to provide services for small and medium enterprises and those with limited income, and for young people with pioneering or traditional ideas and projects." 
He pointed out, "The bank will be a very big turning point in the work of the banking sector, and its impact will be significant and clear on small projects."
He pointed out, "Al-Alaq talked about the project to establish a loan guarantee company," pointing out, "The company will serve project owners who do not have a guarantor or guarantee, and will provide guarantees to real project owners who want to obtain a loan, but do not have sufficient guarantees."
Earlier, the Governor of the Central Bank, Ali Al-Alaq, announced the initiation of establishing the Riyada Bank for Social Development, while confirming that the bank would provide the necessary support for the establishment of the bank. 
Al-Alaq said, in a speech during the annual Iraqi banking conference, which was attended by the correspondent of the Iraqi News Agency (INA): "Within the framework of the Central Bank's endeavor to support the Iraqi economy and the private sector and stimulate the banking sector, we are currently working on completing new projects, including: First - the establishment of Riyada Bank For social development in line with the government’s orientation and the Prime Minister’s directives to support youth and owners of small and medium projects, and secondly - the Prime Minister’s launch of the Riyada initiative for development and employment. business and granting them soft loans and simple guarantees, because of their great impact in reducing unemployment and poverty rates. 
He added, "The Prime Minister launched a while ago his initiative to support youth, which is a pioneering initiative for development and employment," calling on banks to "contribute to the establishment of a pioneering bank for social development because of its social and economic dimensions, and its contribution to increasing the percentage of the non-oil economy." He pointed out, "The Central Bank will provide the necessary support for the establishment of this bank in terms of organization, financing and transfer in lending to small projects that we have started since 2015, and this will give the bank a strong start."[/size]
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