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Economy News / Baghdad
The economist, Durgham Muhammad Ali, praised the Central Bank's announcement of its support for the establishment of a Riyada Bank to support microcredit.
Ali told Al-Eqtisad News, "The bank's idea is good for activating small projects and eliminating unemployment, because borrowers need training in order to provide them with skills that enhance the mechanisms for benefiting from these loans," calling on state departments to "support this project, and borrowers with the aim of speeding up the process." its implementation process.
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced the establishment of the Riyada Bank for Social Development, and the new bank will work to support the segments of Iraqi society, pointing out that the bank has social and economic dimensions, and the Central Bank of Iraq will provide the necessary support through various initiatives for the success of this project.
On the sidelines of the opening of the annual Iraqi banking conference organized by the Association of Private Banks, the governor said, "The initiatives of the Central Bank of Iraq are the largest in the history of Iraq," revealing "the completion of new projects, including the establishment of the Riyada Bank for Social Development in line with the vision and initiative of the Prime Minister in the project." government (leadership) to support youth,” stressing that “the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of the vulnerable segments, and to diversify the non-oil economy through small and micro projects to activate the private sector and reduce unemployment and poverty rates.”
He pointed out that "the Central Bank of Iraq put the final touches to prepare a national strategy for bank lending."
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