13:06 - 2023-05-27
The Governor of the Central Bank, Ali Al-Alaq, announced today, Saturday, the start of establishing the Riyada Bank for Social Development, while confirming that the bank will provide the necessary support to establish the bank.
Al-Alaq said, in a speech during the annual Iraqi banking conference, that "within the framework of the Central Bank's endeavor to support the Iraqi economy and the private sector and stimulate the banking sector, we are currently working on the completion of new projects, including: First: the establishment of a Riyada Bank for social development in line with the government's direction and the directions of the Prime Minister." Ministers to support youth and owners of small and medium projects, and secondly: the launch of the Prime Minister’s initiative for development and employment leadership, and this will be the first source in Iraq that cares about vulnerable groups, especially for low-income people, women and owners of small and micro projects, as well as owners of innovation and entrepreneurship and granting them soft loans and simple guarantees because of their benefits significant impact in reducing unemployment and poverty rates.
He added that "the Prime Minister launched a while ago his initiative to support youth, which is a leadership initiative for development and employment," calling on banks to "contribute to the establishment of a leadership bank for social development because of its social and economic dimensions, and its contribution to increasing the percentage of the non-oil economy."
He pointed out that "the Central Bank will provide the necessary support for the establishment of this bank in terms of organization, financing and transfer of lending to small projects that we have started since 2015 to this bank, and this will give the bank a strong start by providing this financing from the Central Bank."
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