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Association of Private Banks: additional allocations to finance the construction of housing units
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Economy News / Baghdad
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Added 05/23/2023 - 4:23 PM
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Economy News / Baghdad
The Association of Iraqi Private Banks confirmed, on Tuesday, the continuation of the work of the Community Initiatives Fund (Tamkeen) and the continuation of financing small and medium projects by the Central Bank, while noting that there are additional allocations to finance the construction of housing units.
The Executive Director of the Association, Ali Tariq, told the Iraqi News Agency, “The Community Initiatives Fund continues to work with the support of banks operating in Iraq. We aspire to generalize this experience to all other institutions.”
Tariq added, "The Association of Banks operates according to a schedule of initiatives that are presented to the banking sector, and it contributes as it deems appropriate, so there are no specific amounts, but rather there are specific initiatives that are funded by banks through the Community Initiatives Fund."
He noted, "There is funding from the Central Bank to support industrial, agricultural and real estate projects, and there are additional allocations for the Real Estate Bank to finance the construction of housing units, in addition to focusing on the small and medium projects initiative at an amount of 50 million dinars for the purpose of serving project owners who aspire to finance less than this amount in particular."
And Tariq stated, "These amounts allocated from the Central Bank of Iraq are given as loans through private banks and are recovered after payment to the Central Bank."
And he continued, "Our initiatives to implement projects are continuing, and soon the development of Al-Mutanabi Street will be completed from the Shabandar Café to the Abbasid Palace, under the supervision of the Municipality of Baghdad and with the support of the Prime Minister."
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Added 05/23/2023 - 4:23 PM
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