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The head of the Parliamentary Economic and Investment Committee, MP Ahmed Salim Al-Kinani, suggested, on Tuesday, that the Central Bank of Iraq initiative regarding lending to housing, service, industrial and agricultural projects will contribute to moving the Iraqi market and directing it in a way that contributes to increasing local investments.
Al-Kinani said in a statement that “Al-Eqtisad News” received a copy of it, that “the Central Bank launched its initiative in exceptional and complex economic conditions, as well as identified banks and exchange mechanisms through which those loans are granted to the covered surprises,” indicating that “the loan granting mechanisms must be accompanied by a monitoring mechanism.” Effective, clear, and unambiguous and unambiguous in spending those money by borrowers for projects that can benefit the national economy and citizens alike. ”
The head of the Economic and Investment Committee added, “This initiative should be kept away from speculators in public money who claim to be businessmen and investors, since there are previous experiences in this field that have led to a great waste of public money and its exploitation by beneficiaries whose only concern is to make profit at the expense of developing the Iraqi economy.” And make it more effective in facing economic crises. ”
Al-Kinani stressed, “his committee, on its part, will play its supervisory role to ensure the success of this initiative and guide it properly, calling on the central bank to cooperate and inform the committee of the details of the initiative as the committee has several proposals and can contribute to evaluating this initiative and its monitoring mechanisms.”
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