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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Labor announces new standards in granting loans

    Rocky
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    • Post n°1

    Labor announces new standards in granting loans Empty Labor announces new standards in granting loans

    Post by Rocky Thu 06 Jul 2023, 6:39 am

    Labor announces new standards in granting loans

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    Economy News _ Baghdad
    Today, Thursday, the Ministry of Labor and Social Affairs announced the adoption of a new mechanism for granting loans, and while it indicated the addition of a new paragraph in the lending law targeting the poorest governorates, it confirmed raising the lending ceiling.
    The director of the lending fund department in the ministry, Hassan Abdul Jalil, said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "the Department of Labor and Vocational Training grants loans to those looking for a job opportunity for those registered in their database, not exceeding 20 million dinars, granted without interest and repaid. In annual installments for a period of five years, according to Law No. 10 of 2012.
    Abdel Jalil added, "The number of borrowers from the Lending Fund, since its establishment in 2013 until now, has reached more than 60,000 borrowers."
     And he stated, "Since the foundation of the fund in 2013, the capital was 267 billion Iraqi dinars, distributed among all governorates based on the aforementioned law, and according to the population ratios of each governorate, and during the past periods the capital was depleted, so granting loans became in the form of meals, according to recovery rates." for each province.
    He pointed out, “The fund called for capital enhancement, and I obtained the approval of the General Secretariat of the Council of Ministers within the budget to supplement the fund’s capital with an amount of one trillion and 200 billion dinars, as a new paragraph was added to expand the capital, which is relying on the percentages of job seekers and the number of unemployed registered in database, and population density.
    He explained, "The population density was divided into three categories. In the past, the distribution depended on the number of the population, and therefore there are poorer governorates, but the percentage of the population is small. I examined it with capital, and it is also small, but after amending the lending law, the proportions of the governorates that have the number of the unemployed increased." It is more and has more poverty,” noting that “the lending law has been amended, and the House of Representatives voted on it, and it is awaiting its publication in the Iraqi Gazette, until implementation is carried out according to the new program, where the loan amount will be from 20 to 50 million dinars.”
    He pointed out, "The Ministry of Labor sought to change the nature of projects, in addition to reviewing the lending policy, as new mechanisms were put in place to follow up and qualify the borrower before receiving the loan."
    He continued, "The borrower will enter a training course to qualify him to manage the project, in addition to granting the loan in a simpler way and in two installments, as the first installment will be granted at the beginning of the project, and the second installment will be granted after all the required controls and conditions are met."


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