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A development fund of about 18 trillion dinars
Economical 2023/03/11
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Baghdad: Nafeh Al-Naji
The initiatives adopted by the Central Bank of Iraq in various fields contributed to reviving the national economy, moving the wheel of development, and providing employment opportunities for thousands of workers in the local market.
The Central Bank, through easy procedures, financed more than eight thousand citizens who implemented small, medium and large projects in various sectors, which contributed to the employment of more than twelve thousand and five hundred individuals, in addition to moving the local market and supplying it with locally manufactured products. The bank’s data indicates that the initiative granted more than seven hundred and seventy-six billion dinars to small projects within the One Trillion Initiative, more than eight hundred billion dinars for the Five Trillion Initiative, and more than three trillion dinars within the housing sector through two windows: the Housing Fund and the Real Estate Bank.
In order to move the economic wheel in the country and support wide segments of social groups, the financing initiative for loans comes to finance small, medium and large projects and the housing sector from government and private banks.
The Secretary-General of the Council of Ministers, Dr. Hamid Naim Al-Ghazi, chairs the Higher Committee for the Financing Initiative. It is noteworthy that these initiatives are almost interest-free, with the exception of low administrative commission fees on the entire loan.
Economic expert Mahdi Abdul-Kadhim told (Al-Sabah): "The committee works to grant loans to citizens to finance small agricultural, industrial and productive projects, in addition to loans to the Housing Fund and government industrial, real estate and agricultural banks. More than fifty governmental and private banks participate in this initiative." .
He adds, "The initiative is divided into two parts, the first is the initiative of one trillion dinars through private banks, and the second is the sectoral initiative with a total amount of up to five trillion dinars through the industrial, agricultural and real estate banks, as well as the housing fund."
For his part, the head of the advisory board of the Council of Ministers, Dr. Abdul Karim Faisal pointed out that “3,700 permits to establish a new factory in Iraq would not have taken place without this lending and financing initiative from the Central Bank.” While Ihsan Shamran al-Yasiri, the Central Bank’s advisor, pointed out that “the bank’s initiative since 2015 and is still considered the largest (development fund) ) about 18 trillion dinars to finance various sectors.
Al-Yasiri indicates that "citizens can register on the platform for the initiative, in order to obtain a space to facilitate procedures for the purpose of completing the transactions of registering their projects." governmental, non-governmental and the private sector.
For her part, Fadia Jaradi, responsible for the financial inclusion and entrepreneurship program at the International Labor Organization, told (Al-Sabah): "Iraqi entrepreneurs face many difficulties and challenges to start or develop their projects."
And she adds, "Financing is one of the most prominent of these challenges, and from this standpoint, the International Labor Organization entered into a partnership with the Central Bank of Iraq to facilitate easy access to financial services, especially those for displaced and displaced youth from the governorates of Mosul and Dohuk, which resulted in incentive initiatives through three banks: the Middle East, Ceyhan and Al-Ahly." Iraqi."
Dozens obtained operating loans from these banks to cover their businesses and without a guarantor, in partnership and cooperation with the Iraqi Company for Bank Guarantees, to produce small projects that contributed to the revival of many industries and products that supplied the local market and employed hundreds of young people.
Narges Saeed, one of the beneficiaries of the initiative's loans, was unable to obtain a job in her specialty (IT), so she had to go to the banks in order to obtain a financing loan, but that was difficult because of her need for an employee sponsor.
So she decided to open her own project with the help of her family and relatives in a simple way, which is a shop for sewing and selling Arabic and Kurdish clothes. After obtaining the initiative loan, the project turned into an integrated sewing workshop with modern digital equipment and machines and the employment of female colleagues to produce multiple types of clothes that include a wide variety of designs.
The same is the case with the young Sirwan Jalil, who went into agriculture, and was able to reclaim and invest a 55-dunum land to completely convert it into a potato farm, after obtaining the loan in the same way as Narges Saeed, and he plans to increase his production after the good turnout he witnessed in his private business.
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