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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Governor of the Central Bank announces the imminent launch of entrepreneurs' initiatives

    Rocky
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    • Post n°1

    The Governor of the Central Bank announces the imminent launch of entrepreneurs' initiatives Empty The Governor of the Central Bank announces the imminent launch of entrepreneurs' initiatives

    Post by Rocky Wed 10 May 2023, 7:17 am

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    Baghdad - Conscious - Wissam Al-Mulla

    The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, the imminent launch of entrepreneurs’ initiatives, while he indicated that there are great initiatives and efforts to solve problems that hinder the work of the private sector.
    Al-Alaq said in a speech during the launch of Europe's initiative for Iraq (Tawfiq) to support diversified, sustainable and comprehensive economic development in Iraq, which was attended by the correspondent of the Iraqi News Agency (INA): "The economic reality and the diagnosis of the phenomena and ills that it suffers from have become recognized facts, especially with regard to rentiness The state and reliance on cash resources as a basis for financing the increasing consumer expenditures, which only increase the economic reality by further sagging and regression in growth and employment.
    He added, "The initiatives related to supporting private sector projects and entrepreneurs come as a rescue for the economic situation, achieve diversification, expand the production base in the country, and stimulate growth and employment in real economic directions, and this is what the Central Bank was deeply and clearly groping through the lending initiatives that it launched since 2015 and amounted to The volume of loans is about $15 billion so far, which is the largest amount in the history of financing in Iraq.
    He added, "The economic achievement must pass through the support and financing of the private sector, and also due to the absence of other policies and the absence of the state's general budget over the past years of programs and a plan to finance and support the private sector, and here it is necessary to emphasize and focus on a fundamental and important issue that we have known through lending initiatives." To the Central Bank that financing alone is not sufficient to achieve the push towards expansion in the number and quality of projects, but that other factors must come together and create a suitable environment for work to launch such projects.
    He pointed out, "Iraq needs to improve the ease of doing business index, as the World Bank report indicates that Iraq is at the bottom of the list," calling on "the government to give this issue exceptional and great attention in order to improve the index."
    And he continued, "Many projects that could have been launched within the framework of the Central Bank's initiatives have been delayed due to the conditions of the work environment, and here comes the European Union's reconciliation initiative that touches on this fact and touches on diagnosis."
    And he added, "The Tawfiq initiative is trying to address problems in order to provide an appropriate environment, productive management, and solutions for cases that slow down the process of undertaking such projects," noting that "the situation now may be very suitable for the launch of such initiatives, as a result of the security and political conditions and progress." What the government is doing, represented by the Prime Minister, by focusing on economic priorities and achieving general stability, and it is an appropriate opportunity that now enjoys great international support for Iraq to take a path towards stability and development.
    And he added, "There is a concerted effort to understand the problems and obstacles facing the work of the private sector and various initiatives, as well as providing factors that lead to the coordination of some aspects, especially since the House of Representatives is close to approving the retirement law for private sector employees, and this law constitutes a major achievement and a basic rule." important in concentrating the pillars of work in the private sector.
    He stressed, "Entrepreneurs' initiatives, in cooperation with an international organization, will be launched soon, and this time it will be in a different format, which will be seen on television channels to push business initiatives and innovations towards receiving funding attention, as well as participation in certain investments stemming from these initiatives."
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    • Post n°2

    The Governor of the Central Bank announces the imminent launch of entrepreneurs' initiatives Empty The Central Bank is preparing to launch entrepreneurs' initiatives

    Post by Rocky Thu 11 May 2023, 4:53 am

    The Central Bank is preparing to launch entrepreneurs' initiatives

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    The Governor of the Central Bank announced the imminent launch of entrepreneurs' initiatives during his speech on the sidelines of the launch of the Europe for Iraq initiative (Tawfiq) for sustainable, diversified and comprehensive economic development, explaining the reasons and necessities for these initiatives in accordance with the Central Bank's development vision in support of the private sector and providing an appropriate and stable business environment to carry out its economic projects In the productive sectors to achieve the goal of the Central Bank in revitalizing the economic cycle, stimulating the economy, activating income-generating sectors, moving from a rentier economy to a productive one in financing the general budget, and supporting the government to activate the ease of doing business index. Thus, what is stated in the government curriculum regarding supporting the private sector and raising the rate of economic growth and employment will be achieved. And its involvement in economic reform efforts, economic decision-making and market leadership, and its reform measures are now in issuing the partnership law between the public sector and the private sector and the retirement and social security lawFor the two workers now presented to the House of Representatives that would support strategies for directing the initiatives of entrepreneurs (and Tawfiq) for the sake of diversified and sustainable economic development.
    What must be emphasized here is that the Central Bank has been aware since 2015 that financing and developing private sector projects is in accordance with its vision, which it launched with its lending initiative, which was mainly aimed at achieving sustainable economic development and revitalizing the economy through financing and developing small and medium enterprises and reducing unemployment for young graduates. And those with professional and craft skills with the ability to establish and manage development projects and started allocating 6 trillion dinars and rose to 18 trillion dinars and financed small, medium and housing projects up to 14 trillion dinars and with an implementation rate of 78% so far, but it did not reach the goal of the Central Bank as planned due to the lack of an environment Stable work in the country and the lack of interaction with the initiative from the bodies representing the productive sectors. For example, the allocation for the agricultural and industrial sectors was not implemented in the required proportions, as was achieved, for example, in the housing sector, for which the allocation from the initiative was depleted.Also, the government and private banks did not develop their banking activities and did not contribute their own funds and capabilities in granting loans to projects and relied only on the initiative of the Central Bank.
    Therefore, the new administration of the Central Bank two months ago focused on restoring stability in the exchange rate of the Iraqi dinar, studied its experience and previous financing initiatives, analyzed and diagnosed obstacles to achieving the goals for which it was launched, and reached features for a new strategy after a stable political and security environment was now available that helps to start launching support initiatives. Supporting the private sector, providing an appropriate and stable environment for entrepreneurs, and initiating creativity and innovation projects that serve sustainable development, according to a national strategy for lending. Entrepreneurs' initiatives constitute the new stage of supporting the private sector for Iraq.


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    Added 05/11/2023 - 11:32 AM
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