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Baghdad: Hazem Muhammad Habib
The Central Bank of Iraq confirmed that the process of financing project loans is related to their importance in the development of the Iraqi economy, and that the bank conducts a periodic review of lending mechanisms according to the requirements of economic and financial conditions.
An authorized source in the bank said: “The competent committee is setting up a mechanism for granting loans, directing the lending policy to support small, medium and large projects in a way that serves the objectives of economic development in Iraq, and approving development projects submitted by banks that aim to (reduce the import of goods and products and provide a greater number of Job opportunities for youth and the establishment of a developed local industry).
He added, "Our policy supports and encourages the establishment of industrial and agricultural cities to diversify sources of income in the Iraqi economy, and works to simplify procedures for approving the establishment of projects subject to the approval of the relevant government agencies."
He added, "This committee is also working on reviewing lending mechanisms and guidance on modifying them according to the requirements of the economic and financial conditions that the Iraqi economy is going through, and the committee has the power to host representatives from the private sector to participate in its meetings and form technical teams to discuss the implementation of loans."
Regarding the priorities of granting the loan for strategic projects and whether the loans are limited to projects with an investment dimension, the source explained that “the priorities of the loan for strategic projects are summed up in the extent of the project’s impact on the process of economic development and reducing unemployment by attracting various segments of society in various sectors to ensure the acceleration of the wheel Sustainable development for the economy to recover and the sources of income to be diversified, and project financing is not limited to the investment dimension only, but the funding goes to granting housing loans for the purpose of facilitating the requests of citizens wishing to purchase housing units inside and outside investment housing complexes.
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