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Association of Banks: We are not a lending institution
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Economy News - Baghdad
Today, Thursday, the Association of Iraqi Private Banks announced a two-pronged cooperation with the US Agency for Development, while indicating the existence of two lending portfolios, one of which is for small and medium enterprises.
The executive director of the association, Ali Tariq Al-Mustafa, told the official news agency, "Cooperation with the US Agency for Development included providing expertise to build the capabilities of banks, and writing the policy paper that will be formally presented to all stakeholders."
Al-Mustafa added, "There is no funding from the US Agency for Development for the purpose of lending," pointing out that "the financing is from Iraqi banks that are available from deposits or from the initiative of the Central Bank of Iraq."
And he explained, “The Central Bank’s initiative is directed at the banks directly, and from them it goes to the beneficiaries,” noting that “the Association of Banks is an institution that works to stimulate and facilitate procedures and develop the capabilities of banks, to develop the lending process, so it is not a lending institution.”
He continued, "The allocation of funds from the Central Bank to banks is diverse, and there is a lending portfolio for the Real Estate, Industrial and Agricultural Bank and the Housing Fund, in addition to that there is a lending portfolio directed to small and medium enterprises through the private banking sector."
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Added 04/27/2023 - 2:30 PM
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Economy News - Baghdad
Today, Thursday, the Association of Iraqi Private Banks announced a two-pronged cooperation with the US Agency for Development, while indicating the existence of two lending portfolios, one of which is for small and medium enterprises.
The executive director of the association, Ali Tariq Al-Mustafa, told the official news agency, "Cooperation with the US Agency for Development included providing expertise to build the capabilities of banks, and writing the policy paper that will be formally presented to all stakeholders."
Al-Mustafa added, "There is no funding from the US Agency for Development for the purpose of lending," pointing out that "the financing is from Iraqi banks that are available from deposits or from the initiative of the Central Bank of Iraq."
And he explained, “The Central Bank’s initiative is directed at the banks directly, and from them it goes to the beneficiaries,” noting that “the Association of Banks is an institution that works to stimulate and facilitate procedures and develop the capabilities of banks, to develop the lending process, so it is not a lending institution.”
He continued, "The allocation of funds from the Central Bank to banks is diverse, and there is a lending portfolio for the Real Estate, Industrial and Agricultural Bank and the Housing Fund, in addition to that there is a lending portfolio directed to small and medium enterprises through the private banking sector."
Views 43
Added 04/27/2023 - 2:30 PM
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