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Shafaq News / The Iraqi Private Banks Association announced, on Tuesday, that more than 30,000 citizens have obtained a loan since the start of the Central Bank's initiative to finance small projects amounting to 4 trillion dinars, noting that the initiative lent more than 2 trillion dinars until the third quarter of this year.
The Executive Director of the Association of Private Banks, Ali Tariq, said in a press statement today that the Central Bank of Iraq launched a development initiative to stimulate the economy, through private banks in 2015, for which two trillion dinars were allocated, but in 2021 and 2022 it decided to increase allocations for them to 4 trillion dinars.
He added that the total funding from the initiative until the third quarter of this year amounted to 2.2 trillion dinars, up by 124.4% compared to last year, which amounted to 980 billion dinars.
Tariq confirmed that the total loans amounted to 30,364 loans until the third quarter of this year, an increase of 88.7% compared to last year, which amounted to 17,032 loans.
The CEO indicated that the agricultural sector had 115.7 billion dinars with 310 loans, the industrial sector 522.2 billion dinars with 1167 loans, the commercial sector 476 billion dinars with 8190 loans, the service sector 310 billion dinars after 2770 loans, the residential sector 616 billion dinars with 6430 loans, and finally Personal loans amounted to 158.4 billion dinars, with 11,497 loans.
He noted that these loans contributed to stimulating the non-oil economy, through the establishment of industrial, agricultural and service projects, in addition to supporting investments, which employed thousands of people in these projects, pointing out that the initiative allocated a large part of the financing to lend citizens to buy housing units in investment complexes. , in support of the establishment of regular cities as an alternative to slums.
Tariq called for the continuation of this initiative due to its positive effects on everyone, indicating that citizens are in great need of loans, but it requires an effort from the Iraqi state to facilitate procedures and protect financial institutions from the risks of evasion and non-payment.
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