[size=36]The Association of Banks reveals expected facilities in granting lending operations[/size]
Economy| 07:36 - 03/26/2023
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Baghdad - Mawazine News
The Iraqi Private Banks Association revealed, today, Sunday, the volume of loans during the past two years, while identifying the most prominent obstacles facing the lending process.
The executive director of the association, Ali Tariq Al-Mustafa, told the official agency, followed by Mawazine News, that "the association worked to activate lending programs in Iraq, with the support of the US Agency for Development through a stimulus project," noting that "a stimulus program took place in cooperation with the Central Bank and the Ministry of Planning." and the General Secretariat of the Council of Ministers.
He pointed out, "There is a clear increase in the lending process at the end of 2021, when the borrowing portfolio was 52 trillion dinars, and at the end of 2022 it became 60 trillion dinars, an increase of 8 trillion."
"Despite the increase in the lending process, there are many challenges facing borrowers of all categories, especially small and medium enterprises, in addition to challenges related to guarantees," he added.
He added, "The governor of the Central Bank announced the bank's intention to establish an institution to guarantee loans, for projects that do not have guarantees, which will facilitate lending operations."
He stressed, "The Association of Banks stimulates and supports the banking sector, which is the main financier of loans, whether they are small or medium, in addition to that there are financing companies operating in Iraq licensed by the Central Bank."
He explained, "The duty of the Association of Banks revolves around increasing the geographical spread of loans, focusing on the productive sectors more, such as industrial and agricultural projects, in addition to building capabilities in the banking sector so that they have a correct lending decision that preserves the bank's money."
The Iraqi Private Banks Association revealed, today, Sunday, the volume of loans during the past two years, while identifying the most prominent obstacles facing the lending process.
The executive director of the association, Ali Tariq Al-Mustafa, told the official agency, followed by Mawazine News, that "the association worked to activate lending programs in Iraq, with the support of the US Agency for Development through a stimulus project," noting that "a stimulus program took place in cooperation with the Central Bank and the Ministry of Planning." and the General Secretariat of the Council of Ministers.
He pointed out, "There is a clear increase in the lending process at the end of 2021, when the borrowing portfolio was 52 trillion dinars, and at the end of 2022 it became 60 trillion dinars, an increase of 8 trillion."
"Despite the increase in the lending process, there are many challenges facing borrowers of all categories, especially small and medium enterprises, in addition to challenges related to guarantees," he added.
He added, "The governor of the Central Bank announced the bank's intention to establish an institution to guarantee loans, for projects that do not have guarantees, which will facilitate lending operations."
He stressed, "The Association of Banks stimulates and supports the banking sector, which is the main financier of loans, whether they are small or medium, in addition to that there are financing companies operating in Iraq licensed by the Central Bank."
He explained, "The duty of the Association of Banks revolves around increasing the geographical spread of loans, focusing on the productive sectors more, such as industrial and agricultural projects, in addition to building capabilities in the banking sector so that they have a correct lending decision that preserves the bank's money."
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