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The Association of Iraqi Private Banks held the closing ceremony of the "Activating Lending Programs in Iraq" program, supported by the United States Agency for Development (USAID), within the project of Permanently Adaptive Communities and Supporting Economic Opportunities "Tahfiz", which lasted for 6 months.
The program revolved around launching a policy paper that includes an action map to increase access to financing, training a group of credit department employees in banks, preparing 7 trainers in the field of credit and credit analysis, in addition to submitting recommendations to the Central Bank and the government in order to make decisions that facilitate the lending process.
The governor of the Central Bank, Ali Al-Alaq, said in his speech that "the central bank is working to establish a loan guarantee company to provide high flexibility to the banking sector for lending," noting that "the central bank lent through its initiatives about 13 trillion dinars."
He added, "The banking sector is responsible for lending and should not rely on the central bank in the lending process," explaining that "the central bank is working on a national strategy to build lending rules that will be shared between the banking sector, the central bank and the government."
For his part, the head of the Association of Private Banks, Wadih al-Handal, said in a speech delivered on his behalf by the Association’s advisor, Samir Al-Nusairi, that “the program is very important to accelerate the lending process in Iraq,” adding that “the banking sector has a major role in accelerating growth in economic sectors, which is reflected positively on the gross domestic product.
The Executive Director of the Association of Banks, Ali Tariq, gave "a presentation that included the objectives of the project, the method of its implementation, and the volume of lending in the banking sector, which amounted to more than 60 trillion dinars at the end of 2022."
The conference concluded with a discussion session moderated by Samir Al-Nusairi, the advisor in the association, and included a representative of the Operations Department of the Central Bank, Hussein Atwan, the head of the credit committee in the association, Alaa Faeq, the company’s director for bank guarantees, Hussein Thamer, and the representative of the Iraqi Company for Financing Small and Medium Enterprises Ahmed Sabah.
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