[size=36]The Central Bank reveals details of Riyada Bank loans to support small and medium enterprises[/size]
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The Central Bank of Iraq confirmed, on Monday, that Riyada Bank loans to support small and medium enterprises will be on soft terms.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said, "The Governor, Ali Al-Alaq, launched the Riyada Bank project for social development to provide the necessary financing for small and medium enterprises, and it will be part of its financing sources through an initiative of the Central Bank dedicated to small and medium enterprises."
He added, "Also, there was a call for banks contributing to the capital of this bank to be a basic channel that provides support for pioneering projects in Iraq, and so far there is no timeline for starting work on the project, and more details about this bank will soon be announced."
He pointed out that "any project that wants to succeed needs financing, which is an essential element of the success and production of any project, and the nature of the loans granted by Riyada Bank will be on soft terms and appropriate details for this type of project."
Earlier, the Governor of the Central Bank, Ali Al-Alaq, announced the initiation of establishing the Riyada Bank for Social Development, while confirming that the bank would provide the necessary support for the establishment of the bank. Ended 29 / h